INVESTMENT MANAGEMENT

Prospectus
September 1, 2024

Cambria Shareholder Yield ETF (SYLD)
Cambria Foreign Shareholder Yield ETF (FYLD)
Cambria Emerging Shareholder Yield ETF (EYLD)
Cambria Global Tail Risk ETF (FAIL)
Cambria Global Value ETF (GVAL)
Cambria Global Momentum ETF (GMOM)
Cambria Value and Momentum ETF (VAMO)
Cambria Global Asset Allocation ETF (GAA)
Cambria Tail Risk ETF (TAIL)
Cambria Trinity ETF (TRTY)
Cambria Cannabis ETF (TOKE)
Cambria Global Real Estate ETF (BLDG)
Cambria Micro and SmallCap Shareholder Yield ETF (MYLD)
Cambria Tactical Yield ETF (TYLD)
Cambria LargeCap Shareholder Yield ETF (LYLD)This Prospectus provides important information about each of the Funds listed above (each, a “Fund” and, collectively, the“Funds”), each a series of Cambria ETF Trust (the “Trust”), that you should know before investing. Please read it carefully
and keep it for future reference.
Shares of each Fund (“Shares”) are listed and traded on CBOE BZX Exchange, Inc. (the “Exchange”).
THE U.S. SECURITIES AND EXCHANGE COMMISSION (“SEC”) HAS NOT APPROVED OR DISAPPROVED
THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

TABLE OF CONTENTS
Page

FUND SUMMARIESCAMBRIA SHAREHOLDER YIELD ETF�������������������������������������������������������������������������������������������������������������CAMBRIA FOREIGN SHAREHOLDER YIELD ETF�������������������������������������������������������������������������������������������CAMBRIA EMERGING SHAREHOLDER YIELD ETF���������������������������������������������������������������������������������������CAMBRIA GLOBAL TAIL RISK ETF�������������������������������������������������������������������������������������������������������������������CAMBRIA GLOBAL VALUE ETF�������������������������������������������������������������������������������������������������������������������������CAMBRIA GLOBAL MOMENTUM ETF��������������������������������������������������������������������������������������������������������������CAMBRIA VALUE AND MOMENTUM ETF�������������������������������������������������������������������������������������������������������CAMBRIA GLOBAL ASSET ALLOCATION ETF������������������������������������������������������������������������������������������������CAMBRIA TAIL RISK ETF������������������������������������������������������������������������������������������������������������������������������������CAMBRIA TRINITY ETF���������������������������������������������������������������������������������������������������������������������������������������CAMBRIA CANNABIS ETF�����������������������������������������������������������������������������������������������������������������������������������CAMBRIA GLOBAL REAL ESTATE ETF������������������������������������������������������������������������������������������������������������CAMBRIA MICRO AND SMALLCAP SHAREHOLDER YIELD ETF���������������������������������������������������������������CAMBRIA TACTICAL YIELD ETF�����������������������������������������������������������������������������������������������������������������������CAMBRIA LARGECAP SHAREHOLDER YIELD ETF���������������������������������������������������������������������������������������
ADDITIONAL INFORMATION ABOUT THE FUNDS���������������������������������������������������������������������������������������������
FUND MANAGEMENT�����������������������������������������������������������������������������������������������������������������������������������������������
PORTFOLIO MANAGERS﻿�������������������������������������������������������������������������������������������������������������������������������������������
OTHER SERVICE PROVIDERS����������������������������������������������������������������������������������������������������������������������������������DISCLAIMERS�������������������������������������������������������������������������������������������������������������������������������������������������������������
BUYING AND SELLING FUND SHARES�����������������������������������������������������������������������������������������������������������������
BUYING AND SELLING SHARES ON THE SECONDARY MARKET�������������������������������������������������������������������
ACTIVE INVESTORS AND MARKET TIMING��������������������������������������������������������������������������������������������������������
DISTRIBUTION AND SERVICE PLAN���������������������������������������������������������������������������������������������������������������������NET ASSET VALUE�����������������������������������������������������������������������������������������������������������������������������������������������������
FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS���������������������������������������������������������������������INVESTMENTS BY OTHER INVESTMENT COMPANIES�������������������������������������������������������������������������������������
DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES���������������������������������������������������������������������������������������������
HOUSEHOLDING POLICY�����������������������������������������������������������������������������������������������������������������������������������������
FINANCIAL HIGHLIGHTS�����������������������������������������������������������������������������������������������������������������������������������������

2
8
16
23
31
38
46
53
62
68
77
85
92
97
103
108
126
127
128
128
128
129
130
130
131
132
132
132
136
137

No person has been authorized to give any information or to make any representations other than those contained in thisProspectus and the Funds’ Statement of Additional Information dated September 1, 2024 (the “SAI”) (which is incorporated byreference into this Prospectus and is legally a part of this Prospectus) and, if given or made, such information or representations
may not be relied upon as having been authorized by us.

1

FUND SUMMARY
Cambria Shareholder Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.00%
0.59%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$60

$189

$329

$738﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 50% of the average valueof its portfolio.

2Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions,at least 80% of its total assets in equity securities, including common stock, issued by U.S.-based publicly listed companies
that provide high “shareholder yield.” The Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or
the “Adviser”), defines “shareholder yield” as the totality of returns realized by an investor from a company’s cash payments
for dividends, buybacks and debt paydowns. For the purposes of this strategy, Cambria calculates a company’s shareholder
yield by considering the following characteristics: (i) dividend payments to shareholders, (ii) return of capital in the formof share buybacks (i.e., a company’s repurchase of its own shares from the marketplace, which, in turn, reduces the numberof outstanding shares for continuing shareholders or generates proceeds for existing shareholders), and (iii) paydown of acompany’s debt (i.e., reducing a company’s outstanding debt). Cambria believes that, while any one of these measures of acompany’s cash flows, in isolation, is inadequate to determine the attractiveness of its equity securities, considered together
these measures have the potential to result in the construction of a portfolio of companies with higher potential for income andcapital appreciation.
Utilizing its own quantitative model, Cambria selects the top 20% of stocks in the initial universe of U.S.-based, publicly listedcompanies based on their shareholder yield, as measured by dividend payments and net share buybacks. Cambria considers an
issuer to be U.S.-based if it is domiciled, incorporated or has substantial business activity in the United States and the primaryequity security of such issuer is listed on a major U.S. stock exchange.
Cambria’s quantitative algorithm then factors in the remaining stocks’ debt paydowns and applies a number of value metrics
to create a composite, including metrics such as, but not limited to, price-to-book (P/B) ratio, price-to-sales (P/S) ratio,
price-to-earnings (P/E) ratio, price-to-free cash-flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). Cambria
then selects the top 100 stocks for inclusion in the Fund’s portfolio that exhibit, in the aggregate, the best combination ofshareholder yield characteristics and value metrics. Although Cambria seeks to weight these stocks equally in the Fund’s
portfolio, security weights may fluctuate in response to market conditions and investment opportunities.
Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest in smalland mid-capitalization companies. As of August 1, 2024, the Fund had significant investment exposure to companies in theenergy, materials, financials, and consumer discretionary sectors; however, the Fund’s sector exposure may change from time
to time.
The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities areavailable, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings
periodically to meet the investment criteria and target allocations (e.g., security weights) established by the Fund’s quantitativealgorithm.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the3unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

4Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tiedclosely to the performance of their local economy, the international economy, interest rates, competitive andconsumer confidence. Success depends heavily on disposable household income and consumer spending. Changes
in demographics and consumer tastes can also affect the demand for, and success of, consumer products in themarketplace.
Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility,
exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations
and government regulations, among other factors. Issuers in the materials sector may be liable for environmental
damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or
economic downturns, leading to poor investment returns.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

5Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the S&P 500 Index, which is a relevant broad-based securities market index that provides ameasure of the performance of the overall domestic equity market. Performance is also shown for an additional index, the S&P
Composite 1500 Index, which represents a broad measure of the U.S. equity market. All returns include the reinvestment ofdividends and distributions. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective June 1, 2020. From March 26, 2018 to May 31, 2020, Fundperformance reflects the investment objective of the Fund when it sought investment results that corresponded (before feesand expenses) generally to the price and yield performance of the Cambria Shareholder Yield Index. Prior to that period,
Fund performance reflects the investment objective of the Fund when it was actively managed and sought income and capital
appreciation with an emphasis on income from investments in the U.S. equity market.
Total Annual Returns for Calendar Year Ended December 31
55%
50%
47.89%
45%
40%
35%
30%
26.90%
25%
19.74%
20%
16.47%
15.26%
15%
13.51%
11.08%
10%
5%
0%-1.25%-5%-5.91%-10%-15%-13.36%
-20%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

As of June 30, 2024, the Fund’s year-to-date total return was 2.46%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 34.07%, for the quarter ended March 31, 2021.
Worst: -36.94%, for the quarter ended March 31, 2020.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Shareholder Yield ETF

1 Year

5 Year10 Year﻿

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
S&P 500 Index (Reflects no deduction for fees, expenses or taxes)���������
S&P Composite 1500 TR Index (Reflects no deduction for fees,
expenses or taxes)����������������������������������������������������������������������������������

16.47%
15.83%
10.04%
26.29%

18.48%
17.82%
14.88%
15.69%

11.84%
11.03%
  9.52%12.03%

25.47%

15.39%

11.76%

6

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in May 2013, and Mr. Keetz has managed
the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/syld.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

7

FUND SUMMARY
Cambria Foreign Shareholder Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.00%
0.59%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$60

$189

$329

$738﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 44% of the average valueof its portfolio.

8Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions,at least 80% of its total assets in equity securities, including common stock and depositary receipts, issued by publicly listedcompanies in developed foreign markets excluding the US (“developed ex-US”), that provide high “shareholder yield.” The
Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the “Adviser”), defines “shareholder yield”
as the totality of returns realized by an investor from a company’s cash payments for dividends, buybacks and debt paydowns.
The Adviser considers an issuer to be in a developed ex-US market if it is domiciled or principally traded in any of thefollowing countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, Ireland,Israel, Japan, Jersey, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland,
and the United Kingdom. The Adviser will update the list of developed foreign markets annually.
For the purposes of this strategy, Cambria calculates a company’s shareholder yield by considering the following characteristics:(i) dividend payments to shareholders, (ii) return of capital in the form of share buybacks (i.e., a company’s repurchase of its
own shares from the marketplace, which, in turn, reduces the number of outstanding shares for continuing shareholders or
generates proceeds for existing shareholders), and (iii) paydown of a company’s debt (i.e., reducing a company’s outstandingdebt). Cambria believes that, while any one of these measures of a company’s cash flows, in isolation, is inadequate to determine
the attractiveness of its equity securities, considered together these measures have the potential to result in the construction of
a portfolio of companies with higher potential for income and capital appreciation.
Utilizing its own quantitative model, Cambria selects the top 20% of stocks in the initial universe of developed ex-US, publicly
listed companies based on their shareholder yield, as measured by dividend payments and net share buybacks. Cambria’s
quantitative algorithm then factors in the remaining stocks’ debt paydowns and applies a number of value metrics to create acomposite, including metrics such as, but not limited to, price-to-book (P/B) ratio, price-to-sales (P/S) ratio, price-to-earnings(P/E) ratio, price-to-free cash-flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). Cambria then selects the
top 100 stocks for inclusion in the Fund’s portfolio that exhibit, in the aggregate, the best combination of shareholder yieldcharacteristics and value metrics. Although Cambria seeks to weight these stocks equally in the Fund’s portfolio, security
weights may fluctuate in response to market conditions and investment opportunities.
Cambria screens the Fund’s portfolio to limit its exposure to any single country outside the United States to 30% of Fund
assets. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest insmall- and mid-capitalization companies. As of August 1, 2024, the Fund had significant investment exposure to companies
in the energy, financials, materials, and industrials sectors, as well as companies in Japan, Canada, and Europe; however, theFund’s sector and geographic exposure may change from time to time.
The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities areavailable, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings
periodically to meet the investment criteria and target allocations (e.g., security weights and country-specific limits) establishedby the Fund’s quantitative algorithm.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”9

Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. Dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing
directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than theirunderlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are
not open for trading.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.

10Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Canada Risk. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is
Canada’s largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the
demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of theseresources, both in Canada and worldwide, can have a significant effect on Canadian market performance. Conditions
that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.
Europe Risk. The Economic and Monetary Union of the European Union (“EU”) requires compliance with restrictions
on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly
affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade,changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereigndebt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies
of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU(“Brexit”). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe
and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which
may result in lower economic growth and increased volatility and illiquidity across global markets.
Japan Risk. The economy of Japan is heavily dependent on international trade, government support, and consistent
government policy supporting its export market. Slowdowns in the economies of key trading partners such as theUnited States, China and countries in Southeast Asia could have a negative impact on the Japanese economy asa whole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export
market.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

11

Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Industrials Sector Risk. Issuers in the industrials sector are affected by supply and demand, both for their specificproduct or service and for industrial sector products in general. The products of such issuers may face obsolescence
due to rapid technological developments and frequent new product introduction. Government regulations, world
events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuersin the industrials sector may be adversely affected by liability for environmental damage, product liability claims
and exchange rates. The industrials sector may also be adversely affected by changes or trends in commodity prices,which may be influenced by unpredictable factors.
Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility,
exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations
and government regulations, among other factors. Issuers in the materials sector may be liable for environmental
damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or
economic downturns, leading to poor investment returns.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

12Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual
total returns compare with those of the MSCI EAFE + Canada Index, which is a relevant broad-based securities market
index that provides a measure of the performance of the overall international ex-US equity market. Performance is also
shown for an additional index, the MSCI EAFE Index, which represents the overall international equity market, excluding
the United States and Canada. All returns include the reinvestment of dividends and distributions. As always, please note that
the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective June 1, 2020. Prior to that date, Fund performance reflects
the investment objective of the Fund when it sought investment results that corresponded (before fees and expenses) generally
to the price and yield performance of the Cambria Foreign Shareholder Yield Index.
Total Annual Returns for Calendar Year Ended December 31
35%
28.46%

30%
25%
20%

17.83%

17.68%

15%

12.95%

10%

6.53%

5%

4.35%

0%
-5%

-5.15%-6.78%-10% -7.69%
-15%
-20%

-13.66%
2014

2015

2016

2017

2018

2019

2020

2021

2022

As of June 30, 2024, the Fund’s year-to-date total return was 5.49%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 22.68%, for the quarter ended December 31, 2020.
Worst: -31.93%, for the quarter ended March 31, 2020.

13

2023

Average Annual Total Returns for the period ending December 31, 2023

Cambria Foreign Shareholder Yield ETF

1 Year

5 Year10 Year﻿

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������MSCI EAFE + Canada Index (Reflects no deduction for fees, expenses
or taxes)*������������������������������������������������������������������������������������������������MSCI EAFE Index (Reflects no deduction for fees, expenses
or taxes)*������������������������������������������������������������������������������������������������

12.95%
11.35%
  8.79%

9.16%
7.89%
7.10%

4.65%
3.85%
3.77%

18.60%﻿

9.02%﻿

4.85%﻿

18.85%

8.69%

4.78%

*  	In connection with newly adopted SEC regulations applicable to the Fund the MSCI EAFE + Canada Index is the Fund’s
new broad-based securities market index. Performance information is also shown for the MSCI EAFE Index, the Fund’s
previous broad-based securities market index.
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in December 2013, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/fyld.

14

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

15

FUND SUMMARY
Cambria Emerging Shareholder Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:�������������������������������������������������������������������������������������������������������������������
Other Expenses:����������������������������������������������������������������������������������������������������������������������������������������������������������
Custodial Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:��������������������������������������������������������������������������������������������������������������������

0.59%
0.00%
0.04%﻿
0.04%
0.63%*  	Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing
costs and dividend expenses on securities sold short), litigation expense and other extraordinary expenses (including
litigation to which Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers withrespect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$64﻿

$202﻿

$351﻿

$786﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 32% of the average valueof its portfolio.

16Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions,at least 80% of its total assets in equity securities, including common stock and depositary receipts, issued by publicly listedcompanies in emerging foreign markets that provide high “shareholder yield.” The Fund’s investment adviser, Cambria
Investment Management, L.P. (“Cambria” or the “Adviser”), defines “shareholder yield” as the totality of returns realized byan investor from a company’s cash payments for dividends, buybacks and debt paydowns. The Adviser considers an issuer tobe in an emerging market if it is domiciled or principally traded in any of the following countries: Brazil, Chile, Colombia,
Czech Republic, Egypt, Greece, Hong Kong (Chinese domicile), Hungary, India, Indonesia, Malaysia, Mexico, Peru, Poland,
Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, or a market with similar characteristics as the aforementioned.
The Adviser will update the list of emerging markets annually.
For the purposes of this strategy, Cambria calculates a company’s shareholder yield by considering the following characteristics:(i) dividend payments to shareholders, (ii) return of capital in the form of share buybacks (i.e., a company’s repurchase of its
own shares from the marketplace, which, in turn, reduces the number of outstanding shares for continuing shareholders or
generates proceeds for existing shareholders), and (iii) paydown of a company’s debt (i.e., reducing a company’s outstandingdebt). Cambria believes that, while any one of these measures of a company’s cash flows, in isolation, is inadequate to determine
the attractiveness of its equity securities, considered together these measures have the potential to result in the construction of
a portfolio of companies with higher potential for income and capital appreciation.
Utilizing its own quantitative model, Cambria selects the top 20% of stocks in the initial universe of emerging market, publicly
listed companies based on their shareholder yield, as measured by dividend payments and net share buybacks. Cambria’s
quantitative algorithm then factors in the remaining stocks’ debt paydowns and applies a number of value metrics to create acomposite, including metrics such as, but not limited to, price-to-book (P/B) ratio, price-to-sales (P/S) ratio, price-to-earnings(P/E) ratio, price-to-free cash-flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). Cambria then selects the
top 100 stocks for inclusion in the Fund’s portfolio that exhibit, in the aggregate, the best combination of shareholder yieldcharacteristics and value metrics. Although Cambria seeks to weight these stocks equally in the Fund’s portfolio, security
weights may fluctuate in response to market conditions and investment opportunities.
Cambria screens the Fund’s portfolio to limit its exposure to any single country outside the United States to 30% of Fund
assets. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest insmall- and mid-capitalization companies. As of August 1, 2024, the Fund had significant investment exposure to companies
in the information technology, financials, and energy sectors, companies in Taiwan, South Africa and South Korea, as well as
Chinese companies principally traded in Hong Kong; however, the Fund’s sector and geographic exposure may change fromtime to time.
The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities areavailable, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings
periodically to meet the investment criteria and target allocations (e.g., security weights and country-specific limits) establishedby the Fund’s quantitative algorithm. As a result, the Fund may experience high portfolio turnover.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”17

Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. Dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing
directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than theirunderlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are
not open for trading.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.

18

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
China Risk. Investments in China involve risks closely tied to the social, political, and economic conditions within
China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases
significantly and/or key trading partners implement protectionist measures such as trade tariffs. China’s economy isalso susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies
that may be connected to governmental influence, a lack of public information and/or social and political instability.
The Chinese government maintains strict currency controls, regularly intervenes in the currency market, and plays amajor role in the country’s economic policies regarding foreign investments. Foreign investors are subject to the riskof loss from expropriation or nationalization of their investment assets and property, governmental restrictions on
foreign investments and the repatriation of capital.
South Africa Risk. South Africa’s economy is heavily dependent on natural resources and commodity prices.
South Africa’s currency may also be vulnerable to significant fluctuations and devaluation. Access to health care,
unemployment, limited economic opportunity, and other financial constraints, continue to present obstacles to South
Africa’s full economic development. Disparities of wealth, the pace and success of democratization and capital
market development and religious and racial disaffection have also led to social and political unrest. There can be noassurance that initiatives by the South African government to address these issues will achieve the desired results.
South Korea Risk. Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency,
security, and economic risks that are specific to South Korea. In addition, economic and political developments ofSouth Korea’s neighbors may have an adverse effect on the South Korean economy.
Taiwan Risk. The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition
from Asia’s other emerge economies, and conditions that weaken demand for Taiwan’s export products worldwide
could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan’s history of politicalcontention and its current relationship with China may also have a significant impact on the economy of Taiwan.

19International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise ininterest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced tosell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund’s ability to achieve
its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Portfolio Turnover Risk. The Fund’s strategy may frequently involve buying and selling portfolio securities to rebalance theFund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction
costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to beless than you expect.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.

20

Information Technology Sector Risk. Technology companies face intense competition, which may have an adverse
effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or
personnel. The products of technology companies may face obsolescence due to rapid technological developments
and frequent new product introduction, unpredictable changes in growth rates and competition for the services ofqualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property
rights. The loss or impairment of these rights may adversely affect the profitability of these companies.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the MSCI Emerging Markets Index, which is a relevant broad-based securities market index thatprovides a measure of the performance of the overall emerging markets equity market. All returns include the reinvestment ofdividends and distributions. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective June 29, 2020. Prior to that date, Fund performance reflects
the investment objective of the Fund when it sought investment results that corresponded (before fees and expenses) generally
to the price and yield performance of the Cambria Emerging Shareholder Yield Index.
Total Annual Returns for Calendar Year Ended December 31
50%
40%

38.25%

30%
21.84%

20%

17.97%
9.15%

10%

11.73%

0%-10%-14.39%

-20%
-30%

2017

2018

-14.94%

2019

2020

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was 14.01%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 22.74%, for the quarter ended December 31, 2020.
Worst: -31.18%, for the quarter ended March 31, 2020.

21

Average Annual Total Returns for the period ending December 31, 2023

Cambria Emerging Shareholder Yield ETF

1 Year

5 Year﻿

Since
Inception(7/13/16)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������MSCI Emerging Markets Index (Reflects no deduction for fees,
expenses or taxes)����������������������������������������������������������������������������������

17.97%
16.79%
12.08%

8.32%
7.05%
6.55%

8.61%
7.72%
7.18%

10.27%

4.07%

5.28%

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in July 2016, and Mr. Keetz has managed
the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/eyld.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

22

FUND SUMMARY
Cambria Global Tail Risk ETF
Investment Objective
The Fund seeks to provide income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.14%
0.03%
0.76%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

** Total Annual Fund Operating Expenses may not correlate to the expense ratios in the Fund’s financial highlights because
the financial highlights reflect only the Fund’s operating expenses and do not include Acquired Fund Fees and Expenses,
which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investmentcompanies.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$78﻿

$243﻿

$422﻿

$942﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 3% of the average valueof its portfolio.

23

Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by providing a hedge against a significant negative
movement of global ex-U.S. equities. The Fund pursues its objective by (i) investing in cash, U.S. government bonds, including
U.S. Treasuries and Treasury inflation-protected securities (TIPS), ex-U.S. sovereign bonds, and U.S.-listed exchange tradedfunds (“ETFs”) that invest primarily in U.S. Treasuries, TIPS or ex-U.S. sovereign bonds and (ii) utilizing a put option strategy
to manage the risk of a significant negative movement in the value of global ex-U.S. equities (commonly referred to as tailrisk) over rolling one-month periods. Under normal market conditions, the Fund’s bond portfolio invests at least 40% of its
total assets in investment grade, intermediate U.S. treasuries and TIPS and at least 40% of its total assets in ex-U.S. sovereign
bonds, including investment grade and non-investment grade bonds issued by developed and emerging market governmentswith short and intermediate durations. The Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or
the “Adviser”), seeks to allocate assets in the Fund’s bond portfolio broadly across these various bond markets and hold adiversified bond portfolio that offsets the cost of option premiums, but does not actively manage the Fund’s bond portfolio.
To hedge against sharp declines in the global ex-U.S. stock markets, each month, the Fund purchases U.S. exchange-listed
protective “at the money” or “out of the money” put options on (i) stock indices that broadly cover developed ex-U.S. markets
and emerging markets or (ii) U.S.-listed ETFs that track these broad global ex-U.S. equity markets.
Cambria intends to spend approximately one percent of the Fund’s total assets per month to purchase put options. Buying aput option provides the purchaser the right to sell the underlying asset (index or ETF) to the put seller at a specified price (the“strike price”) within a specified time period. Cambria generally targets put options in the 0% to 30% out of the money range.
If a put option is 30% out of the money, the put option’s strike price is 30% below the value of the underlying asset. If a put
option is at the money (i.e., 0% out of the money), the put option’s strike price is equal to the value of the underlying asset. If
the value of the underlying asset is below the strike price, the put option is considered to be “in the money”.
There is an associated cost (premium) with the purchase of an option, but in the event the underlying asset declines in value
below the strike price and the holder exercises the option, the holder will be entitled to receive the difference between the valueof the underlying asset and the strike price (which gain is offset by the premium originally paid by the holder). Accordingly,
if the underlying asset declines in value, ownership of the put option may reduce the downside risk associated with theunderlying asset. In the event the value of the underlying asset closes above the strike price as of the expiration date, the put
option may end up worthless and the premium paid for the option might be lost. For example, if the Fund purchases a put
option on the MSCI Emerging Markets Index (“MXEF” and, its put option, a “MXEF Put”), the Fund pays a premium to theoption seller, which decreases the Fund’s return. If, however, the price of the MXEF falls below the MXEF Put’s strike price,
the option finishes in the money and the option seller pays the Fund the difference between the strike price of the MXEF Put
and the price of the MXEF.
Cambria has implemented the put option strategy to attempt to provide protection from significant global ex-U.S. equity
market declines on a month-by-month basis. The bulk of this protection comes in the form of put options on indices or ETFs
that track the performance of global ex-U.S. equity markets. When selecting put options, Cambria does not seek out put
options that cover specific ex-U.S. markets that it expects to underperform; rather, Cambria selects put options that broadly
cover the stock markets of both ex-U.S. developed countries and emerging market nations. Cambria generally intends tore-initiate new options positions that make up the put option position each month and reinvest any gains from these activities
into intermediate-term U.S. government bonds, including U.S. Treasuries and TIPS, ex-U.S. sovereign bonds, and ETFs thatinvest primarily in these types of bonds. Cambria also may, at its discretion, liquidate and establish new option positions
intra-month, or liquidate option positions without establishing new positions when Cambria deems that doing so would be
beneficial to the Fund, such as when an option is significantly in the money or significantly out of the money. The put option
strategy only includes exchange-listed put options.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve Its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”24

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the advisor, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of securities
in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security breaches.
Derivatives Risk. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large
impact on the performance of the Fund. Derivatives are financial instruments that derive their performance from an underlying
reference asset, such as an index. The return on a derivative instrument may not correlate with the return of its underlying
reference asset. Derivatives used to hedge against an opposite position may offset losses, but they also may offset gains.
Options Risk. The value of the Fund’s positions in options fluctuates in response to changes in the value of theunderlying index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund
only purchases put options, the Fund’s losses from its exposure to put options is limited to the amount of premiums
paid to the option seller.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.

25

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
ETFs and Investment Companies Risk. The risks of investing in securities of ETFs and investment companies typicallyreflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with suchinvestments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund’s
operating expenses may be higher and performance may be lower.
Fixed Income Risk. A decline in an issuer’s credit rating and/or financial condition may cause such issuer’s fixed income
securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest
rates, an issuer of a callable bond held by the Fund may “call” (or repay) the security before its stated maturity, and the Fund
may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income. The market value of a
fixed income security generally changes in response to changes in interest rates and may change quickly and without warningin response to issuer defaults and changes in issuer credit ratings.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Hedging Risk. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended.
There can be no assurance that the Fund’s put option strategy will be effective. It may expose the Fund to losses, e.g., option
premiums, to which it would not have otherwise been exposed if it only invested, directly or indirectly, in U.S. government
bonds and ex-U.S. sovereign bonds. Further, the put option strategy may not fully protect the Fund against declines in the valueof its portfolio securities.
High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to theincreased risk of an issuer’s inability to meet principal and interest payment obligations. High yield securities are subject to agreater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities
are traded may be less liquid and more volatile than the market for higher grade securities.
Inflation-Protected Security Risk. Inflation-protected securities, such as Treasury inflation-protected securities (TIPS),
provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise andincrease in value when real interest rates fall.
Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. Asinterest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the valueof fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for
longer-term investments. Risks associated with rising interest rates are heightened given the Federal Reserve’s recent increases
in interest rates. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

26International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise ininterest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced tosell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund’s ability to achieve
its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Portfolio Turnover Risk. The Fund’s strategy may result in high portfolio turnover rates, which may increase the Fund’s
brokerage commission costs and negatively impact the Fund’s performance. Such portfolio turnover also may generate net
short-term capital gains.
Sovereign Debt Securities Risk. Investments in sovereign and quasi-sovereign debt obligations involve special risks notpresent in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt
may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event ofa default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s net asset value, may
be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties
in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment ofprincipal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed
in this Prospectus.

27Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the MSCI ACWI Index, which is a relevant broad-based securities market index that provides
a measure of the performance of the overall global equity market. Performance is also shown for an additional index, theBloomberg Short Treasury Index, which is composed of zero-coupon Treasury Bills and fixed-rate Treasury bonds with amaturity between one and 12 months. All returns include the reinvestment of dividends and distributions. As always, please
note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the
future. Updated performance information is available at www.cambriafunds.com.
The Fund’s name and investment objective changed effective March 15, 2021. Prior to that date, Fund performance reflects
the investment objective and principal investment strategy of the Fund when it was the Cambria Sovereign Bond ETF and itsought income and capital appreciation from investments in securities and instruments that provide exposure to sovereign andquasi-sovereign bonds.
Total Annual Returns for Calendar Year Ended December 31
20%
15%13.76%

10%

7.81%

5%

5.27%

0%
-5%

-5.06%-6.90%-10%-9.97%

-15%
-20%
-25%

-19.14%
2017

2018

2019

2020

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was -5.90%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 7.45%, for the quarter ended June 30, 2020.
Worst: -10.12%, for the quarter ended December 31, 2022.

28

Average Annual Total Returns for the period ending December 31, 2023

Cambria Global Tail Risk ETF*

1 Year

5 Year﻿

Since
Inception(2/22/16)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������MSCI ACWI Index (Reflects no deduction for fees, expenses ortaxes)**��������������������������������������������������������������������������������������������������
Bloomberg Short Treasury Index (Reflects no deduction for fees,
expenses or taxes)**������������������������������������������������������������������������������

-9.97%-10.55%-5.89%-4.74%-5.30%-3.69%-1.54%-2.61%-1.49%

  22.81﻿﻿%

12.27﻿﻿%11.40﻿﻿%  5.09%

1.89%

1.60%

*

The Fund’s investment objective changed effective March 15, 2021. Prior to that date, the Fund sought income and capital
appreciation from investments in securities and instruments that provide exposure to sovereign and quasi-sovereign bonds
pursuant to the principal investment strategy of the Cambria Sovereign Bond ETF.

** In connection with newly adopted SEC regulations applicable to the Fund, the MSCI ACWI Index is the Fund’s new
broad-based securities market index. Performance information is also shown for the Bloomberg Short Treasury Index, theFund’s previous broad-based securities market index.
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in February 2016, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/fail.

29

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

30

FUND SUMMARY
Cambria Global Value ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Custodial Expenses:�������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.05%﻿
0.05%
0.64%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee.
The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s 12b-1 plan,
brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs anddividend expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$65﻿

$205﻿

$357﻿

$798﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 36% of the average valueof its portfolio.

31Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions,at least 80% of its total assets in equity securities, including common stock and depositary receipts, issued by publicly listedcompanies in developed and emerging markets that exhibit strong value characteristics. The Fund’s investment adviser, Cambria
Investment Management, L.P. (“Cambria” or the “Adviser”), uses its own proprietary rules-based quantitative algorithm toselect the Fund’s holdings.
Utilizing its own quantitative model, Cambria identifies countries with undervalued securities markets, according to various
value metrics, including the cyclically adjusted price-to-earnings ratio, commonly known as the “CAPE Shiller P/E ratio.”
The CAPE Shiller P/E ratio for a country’s equity market (typically represented by a broadly diversified index) is derived by
dividing the current market value of a country’s primary stock market index (e.g., S&P 500) by the average of ten years ofearnings of index constituent companies (moving average), adjusted for inflation. Cambria’s algorithm then identifies equities
that (i) are domiciled or principally traded in one of the countries with undervalued securities markets and (ii) exhibit strong
value characteristics. The algorithm applies a number of value metrics to individual equity securities, including, but not limited
to, price-to-sales (P/S) ratio, price-to-earnings (P/E) ratio, and enterprise multiple (EV/EBITDA). Securities in the Fund may
be denominated in either the U.S. dollar or other currencies. Although Cambria seeks to weight these stocks equally in the
Fund’s portfolio, security weights may fluctuate in response to market conditions and investment opportunities.
Cambria screens the Fund’s portfolio to limit its exposure to any single country outside the United States to 20% of Fund
assets. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest
in small- and mid-capitalization companies. At least 40% of the Fund’s holdings are expected to be composed of securities
of issuers domiciled or principally traded in at least three countries (including the United States). As of August 1, 2024, theFund had significant investment exposure to companies in the financials and utilities sectors, as well as companies in the
Asia-Pacific region, Europe, and Latin America; however, the Fund’s sector and geographic exposure may change from time
to time.
The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities areavailable, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings
periodically to meet the investment criteria and target allocations (e.g., security weights and country-specific limits) establishedby the Fund’s quantitative algorithm. The Fund may also invest in U.S.-listed exchange traded funds (“ETFs”) to gain exposure
to the equity markets and issuers of developed and emerging market countries.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. Dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the advisor, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of securities
in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security breaches.

32

Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing
directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than theirunderlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are
not open for trading.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.

33

Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and investmentcompanies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests.
In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As
a result, the Fund’s operating expenses may be higher and performance may be lower.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to theAsia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries
have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed
conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies
in this region are dependent on a range of commodities, and are strongly affected by international commodity prices
and particularly vulnerable to price changes for these products.
Europe Risk. The Economic and Monetary Union of the European Union (“EU”) requires compliance with restrictions
on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly
affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade,changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereigndebt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies
of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU(“Brexit”). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe
and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which
may result in lower economic growth and increased volatility and illiquidity across global markets.
Latin America Risk. Investments in securities of issuers in Latin American countries involve risks that are specificto the Latin American region, including social, political, and economic conditions within this region and may be morevolatile than the performance of funds that invest in more developed countries and regions or funds that focus theirinvestments in more than one region. The Fund’s performance may be particularly sensitive to social, political andeconomic conditions in those countries in Latin America in which the Fund’s investments are concentrated.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.

34

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise ininterest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced tosell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund’s ability to achieve
its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Utilities Sector Risk. Utilities include companies such as electric, gas and water firms and renewable energy companies.
Companies in the utilities sector may be adversely impacted by many factors, including, among others, supply anddemand, operating costs, financing costs, rate caps or rate changes, government regulation and environmental factors.
Deregulation of utilities may also subject these companies to increased competition and reduce their profitability.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

35Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the MSCI ACWI Index, which is a relevant broad-based securities market index that provides
a measure of the performance of the overall global equity market. All returns include the reinvestment of dividends anddistributions. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate
how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective June 29, 2020. Prior to that date, Fund performance reflects
the investment objective of the Fund when it sought investment results that corresponded (before fees and expenses) generally
to the price and yield performance of the Cambria Global Value Index.
Total Annual Returns for Calendar Year Ended December 31
35%28.75%

30%
25%
20%

16.42%

16.14%

15%

13.78%

10.81%

10%
5%
0%
-5%
-10%

-7.44%-8.25%-13.46%-15%-20%-8.40%

2015

2016

2017

2018

2019

2020

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was 2.68%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 24.79%, for the quarter ended December 31, 2020.
Worst: -34.31%, for the quarter ended March 31, 2020.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Global Value ETF

1 Year

5 Year﻿

Since
Inception(3/11/14)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������MSCI ACWI Index (Reflects no deduction for fees, expenses or taxes)���

13.78%
12.13%
9.26%
22.81%

4.29%
3.60%
3.51%
12.27%

1.82%
1.60%
1.89%
8.60%

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

36

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in March 2014, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/gval.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

37

FUND SUMMARY
Cambria Global Momentum ETF
Investment Objective
The Fund seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity andcurrency markets, independent of market direction.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.43%
0.00%
1.02%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee.
The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s 12b-1 plan,
brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on
securities sold short), litigation expense and other extraordinary expenses (including litigation to which Cambria ETF Trustor the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

** Total Annual Fund Operating Expenses may not correlate to the expense ratios in the Fund’s financial highlights because thefinancial highlights reflect only the Fund’s operating expenses and do not include Acquired Fund Fees and Expenses, which
are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$104﻿

$325﻿

$563﻿

$1,248﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a
taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s
performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 166% of the average value of its
portfolio.

38

Principal Investment Strategies
The Fund is considered a “fund of funds” that seeks to achieve
its investment objective by primarily investing in otherexchange-traded funds (the “ETFs”) and other exchange tradedproducts (“ETPs”) including, but not limited to, exchange-tradednotes (“ETNs”), exchange traded currency trusts, closed-end
funds, and real estate investment trusts (“REITs”, and together,with ETFs, ETPs, and ETNs, “Underlying Vehicles”) that offer
diversified exposure, including inverse exposure, to global
regions (including emerging markets), countries, styles (i.e.,market capitalization, value, growth, etc.) and sectors. The
Fund will invest in Underlying Vehicles, including affiliatedand unaffiliated ETPs, spanning all the major world asset andinstrument classes including equities, bonds (including highyield bonds, which are commonly referred to as “junk bonds”),
real estate, derivatives, commodities, and currencies.
The Fund’s investment adviser, Cambria Investment
Management, L.P. (“Cambria” or the “Adviser”), will actively
manage the Fund’s portfolio utilizing a quantitative strategy
with risk management controls in an attempt to protect capital.
Cambria’s model combines momentum and trend factors to
select Underlying Vehicles for the Fund. The Fund looks toallocate to the top-performing assets based on absolute andrelative momentum, typically measured over periods of lessthan two years.
Through Underlying Vehicles, the Fund may have exposure tocompanies in any industry and of any market capitalization.
In addition to Underlying Vehicles, the Fund may invest up to
20% of its net assets directly in other securities and financial
instruments, including futures, cash and cash equivalents.
Under normal market conditions, the Fund expects to invest
at least 40% of its net assets in securities of issuers located in
at least three different countries (including the United States).
The Fund may sell a security when Cambria believes that the
security is overvalued or better investment opportunities areavailable, to invest in cash and cash equivalents, or to meet
redemptions. Cambria expects to adjust the Fund’s holdings
to meet target allocations monthly. As a result, the Fund may
experience high portfolio turnover.

39• ETFs are registered investment companies whose
shares are exchange-traded and give investors a
proportional interest in the pool of securities and otherassets held by the ETF.
• ETPs are exchange-traded equity securities whose
value derives from an underlying asset or portfolio ofassets, which may correlate to a benchmark, such as acommodity, currency, interest rate or index. ETFs are
one type of ETP.
• ETNs are unsecured and unsubordinated debt
securities whose value derives, in part, from anunderlying asset or benchmark and, in part, from thecredit quality of the issuer.

Principal Risks
An investment in the Fund involves risk, which includes risks the Fund may be subject to due to investments in Underlying
Vehicles. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which
it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ ability to identify particularrisks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund’s net asset
value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that theFund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about
the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’ Risks” and “Additional
Non-Principal Risk Information.”
Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility thaninvestments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future
market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. Dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub advisor, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Derivatives Risk. Derivatives, such as futures, can be volatile, and a small investment in a derivative can have a large impact
on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments
in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in
losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.

40

Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing insecurities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying
ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the feesand expenses of the underlying entity. As a result, the Fund’s operating expenses may be higher and performance may be lower.
Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN
exposes the Fund to the risk that an ETN’s issuer may be unable to pay. In addition, as with investments in other ETPs, theFund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund’s operating expenses tobe higher and its performance to be lower.
Fixed Income Risk. A decline in an issuer’s credit rating and/or financial condition may cause such issuer’s fixed income
securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest
rates, an issuer of a callable bond held by the Fund may “call” (or repay) the security before its stated maturity, and the Fund
may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income. The market value of a
fixed income security generally changes in response to changes in interest rates and may change quickly and without warningin response to issuer defaults and changes in issuer credit ratings.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments
in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available
about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including
the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political,
diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading andrisks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities denominated in other currencies could
decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to theAsia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries
have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed
conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies
in this region are dependent on a range of commodities, and are strongly affected by international commodity prices
and particularly vulnerable to price changes for these products.

41

Europe Risk. The Economic and Monetary Union of the European Union (“EU”) requires compliance with restrictions
on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly
affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade,changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereigndebt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies
of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU(“Brexit”). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe
and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which
may result in lower economic growth and increased volatility and illiquidity across global markets.
High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to theincreased risk of an issuer’s inability to meet principal and interest payment obligations. High yield securities are subject to agreater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities
are traded may be less liquid and more volatile than the market for higher grade securities.
Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. Asinterest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the valueof fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for
longer-term investments. Risks associated with rising interest rates are heightened given the Federal Reserve’s recent increases
in interest rates. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Leveraging Risk. Certain of the Fund’s investments may expose the Fund to leverage, causing the Fund’s value to be morevolatile.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise ininterest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced tosell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund’s ability to achieve
its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively affectissuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by the U.S.
Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could cause increased
volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on certain Fund holdings.

42

Momentum Investing Risk. The Fund employs a “momentum” style of investing that emphasizes investing in securities that have
had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities
may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited pricemomentum are less than returns on other styles of investing or the overall stock market. High momentum may also be a sign thatthe securities’ prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments.
The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.
Portfolio Turnover Risk. The Fund’s or an Underlying Vehicle’s strategy may result in high portfolio turnover rates, which
may increase the Fund’s or an Underlying Vehicle’s brokerage commission costs and negatively impact the Fund’s performance.
Such portfolio turnover also may generate net short-term capital gains.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Real Estate Industry Risk. The Fund is subject to the risks related to investments in real estate, including declines in the realestate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses,
legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems, and natural
disasters.
REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including
those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income andexemption from registration as an investment company. REITs are dependent upon specialized management skills and may
invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in
REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly
bear a proportionate share of those fees and expenses.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Underlying Vehicle Counterparty and Leverage Risk. Through its investments in Underlying Vehicles the Fund may be
indirectly exposed to additional risks. For example, if an Underlying Vehicle contracts with a counterparty, the Fund indirectly
bears the risk that the counterparty fails to honor its obligations, causing the Underlying Vehicle, and therefore the Fund, tolose money and decline in value. Derivatives used by Underlying Vehicles may include leverage, allowing them to obtain
the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could
magnify losses. Although certain Underlying Vehicles may comply with their obligations related to certain derivatives inaccordance with Rule 18f-4 under the Investment Company Act of 1940 (the “Investment Company Act”), as applicable,
the Fund’s value-at-risk limitations (if applicable) may not prevent losses greater than the value of those obligations. Other
Underlying Vehicles may not employ any risk management procedures at all, leading to even greater losses. Due to the Fund’sinvestments in Underlying Vehicles, the value of the Fund’s Shares may be volatile.

43Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns
compare with those of the Bloomberg Global Aggregate Index and the MSCI ACWI Index, each of which is a relevant broad-based
securities market index. The Bloomberg Global Aggregate Index provides a measure of the performance of the overall global debt
market, and the MSCI ACWI Index provides a measure of the performance of the overall global equity market. Performance isalso shown for an additional index, the S&P Balanced Equity & Bond Moderate Index, which provides a measure for broad asset
allocation strategies. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund’s past
performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance
information is available at www.cambriafunds.com.
Total Annual Returns for Calendar Year Ended December 31
30%
25%20.60%

20%

18.37%

15%
10%

8.02%
4.31%

5%

2.56%

0.93%

0%
-2.76%

-5%
-10%
-15%

-8.51%
2015-8.72%
2016

2017

2018

2019

2020

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was 5.03%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 9.62%, for the quarter ended March 31, 2021.
Worst: -10.77%, for the quarter ended March 31, 2020.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Global Momentum ETF

1 Year

5 Year﻿

Since
Inception(11/3/14)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
Bloomberg Global Aggregate Index (Reflects no deduction for fees,
expenses or taxes)*��������������������������������������������������������������������������������MSCI ACWI Index (Reflects no deduction for fees, expenses ortaxes)*����������������������������������������������������������������������������������������������������
S&P Balanced Equity & Bond Moderate Index (Reflects no deduction
for fees, expenses or taxes)*������������������������������������������������������������������

  0.93%-0.22%
  0.85%

5.18%
4.24%
3.71%

3.51%
2.70%
2.46%

  5.72﻿%-0.32﻿%0.29﻿%

22.81﻿%12.27﻿%8.79﻿%

14.71%

7.96%

6.57%

*

In connection with newly adopted SEC regulations applicable to the Fund, the Bloomberg Global Aggregate Index and the
MSCI ACWI Index are the Fund’s new broad-based securities market indexes. Performance information is also shown for
the S&P Balanced Equity & Bond Moderate Index, the Fund’s previous broad-based securities market index.

44

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in November 2014, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/gmom.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

45

FUND SUMMARY
Cambria Value and Momentum ETF
Investment Objective
The Fund seeks income and capital appreciation from investments in the U.S. equity market.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.01%
0.05%
0.65%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

** Total Annual Fund Operating Expenses may not correlate to the expense ratios in the Fund’s financial highlights because
the financial highlights reflect only the Fund’s operating expenses and do not include Acquired Fund Fees and Expenses,
which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investmentcompanies.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$66﻿

$208﻿

$362﻿

$810﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held ina taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 63% of the average value of its
portfolio.

46

Principal Investment Strategies
The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of the valueof the Fund’s net assets in U.S. exchange-listed equity securities that are undervalued according to various valuation metrics,
including the cyclically adjusted price-to-earnings ratio, commonly known as the “CAPE Shiller P/E ratio.” For the purposes ofthis policy, the Fund may invest in investments that provide exposure to such securities. These valuation metrics are derived by
dividing the current market value of a reference index or asset by an inflation-adjusted normalized factor (typically earnings,
book value, dividends, cash flows or sales) over the past seven to ten years. The Fund’s investment adviser, Cambria Investment
Management, L.P. (“Cambria” or the “Adviser”), intends to employ systematic quantitative strategies in an effort to avoid
overvalued and downtrending markets.
In attempting to avoid overvalued and downtrending markets, the Fund may hedge up to 100% of the value of the Fund’s longportfolio. The Fund may use derivatives, including U.S. exchange-traded stock index futures or options thereon, to attempt
to effectuate such hedging during times when Cambria believes that the U.S. equity market is overvalued from a valuation
standpoint, or Cambria’s models identify unfavorable trends and momentum in the U.S. equity market. During certain periods,
including to collateralize the Fund’s investments in futures contracts, the Fund may invest up to 20% of the value of its net
assets in U.S. dollar and non-U.S. dollar denominated money market instruments or other high quality debt securities, or ETFs
that invest in these instruments.
The Fund may invest in securities of companies in any industry, but will limit the maximum allocation to any particularsector to 25%. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may
also invest in small- and mid-capitalization companies. Filters will be implemented to screen for companies that pass sector
exposure and liquidity requirements.
Cambria will utilize a quantitative model that combines value and momentum factors to identify which securities the Fund
may purchase and sell and opportune times for purchases and sales. The Fund will look to allocate to the top performing value
stocks based on value factors as well as absolute and relative momentum. Value will typically be measured on a longer time
horizon (five to ten years) than momentum (typically less than one year).
The Fund may invest in U.S. exchange-listed preferred stocks. Preferred stocks include convertible and non-convertible
preferred and preference stocks that are senior to common stock. The Fund may also invest in U.S. exchange-listed real estate
investment trusts (“REITs”) and engage in short sales of securities.
Cambria has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment
objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities
are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings tomeet target allocations monthly. As a result, the Fund may experience high portfolio turnover.
As of August 1, 2024, the Fund had significant investment exposure to companies in the consumer discretionary, financials,
and industrial sectors; however, the Fund’s sector exposure may change from time to time.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the47unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Derivatives Risk. Derivatives, such as futures and options, can be volatile, and a small investment in a derivative can have alarge impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks ofinvestments in derivatives include that the transactions may result in losses that partially or completely offset gains in portfolio
positions and that the derivative transaction may not be liquid.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and other investmentcompanies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests.
In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As
a result, the Fund’s operating expenses may be higher and performance may be lower.

48

Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation
between movements in prices of index futures contracts and movements in the value of the stock index that the instrument isdesigned to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability toclose a position prior to its maturity date. Investments in futures may expose the Fund to leverage.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Leveraging Risk. Certain of the Fund’s investments may expose the Fund to leverage, causing the Fund’s value to be morevolatile.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Momentum Investing Risk. The Fund employs a “momentum” style of investing that emphasizes investing in securities that have
had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities
may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited pricemomentum are less than returns on other styles of investing or the overall stock market. High momentum may also be a sign thatthe securities’ prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments.
The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.
Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of theunderlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.
Portfolio Turnover Risk. The Fund’s strategy may result in high portfolio turnover rates, which may increase the Fund’s
brokerage commission costs and negatively impact the Fund’s performance. Such portfolio turnover also may generate net
short-term capital gains.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Real Estate Industry Risk. The Fund is subject to the risks related to investments in real estate, including declines in the realestate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses,
legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural
disasters.

49

REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including
those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income andexemption from registration as an investment company. REITs are dependent upon specialized management skills and may
invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in
REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly
bear a proportionate share of those fees and expenses.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tiedclosely to the performance of their local economy, the international economy, interest rates, competitive andconsumer confidence. Success depends heavily on disposable household income and consumer spending. Changes
in demographics and consumer tastes can also affect the demand for, and success of, consumer products in themarketplace.
Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Industrials Sector Risk. Issuers in the industrials sector are affected by supply and demand, both for their specificproduct or service and for industrial sector products in general. The products of such issuers may face obsolescence
due to rapid technological developments and frequent new product introduction. Government regulations, world
events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuersin the industrials sector may be adversely affected by liability for environmental damage, product liability claims
and exchange rates. The industrials sector may also be adversely affected by changes or trends in commodity prices,which may be influenced by unpredictable factors.
Short Sale Risk. If a security is sold short and subsequently has to be bought back at a higher price, the Fund will realize a loss
on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted
security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales
may increase the Fund’s exposure to the market, and may increase losses and the volatility of returns.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

50Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the S&P 500 Index, which is a relevant broad-based securities market index that provides ameasure of the performance of the overall domestic equity market. All returns include the reinvestment of dividends anddistributions. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate
how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.
Total Annual Returns for Calendar Year Ended December 3140%
35%32.20%

30%
25%
20%
15%
10%
5%

3.79%

8.54%

5.69%

5.65%

0%
-5%
-10%
-15%

-5.20%-5.45%

20192020-11.56%
2016

2017

2018

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was -1.42%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 20.21%, for the quarter ended March 31, 2021.
Worst: -18.87%, for the quarter ended March 31, 2020.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Value and Momentum ETF

1 Year

5 Year﻿

Since
Inception(9/8/15)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
S&P 500 Index (Reflects no deduction for fees, expenses or taxes)���������

  5.65%  5.22%
  3.51%26.29%

6.32%
6.00%
4.88%
15.69%

2.48%
2.23%
1.88%
13.30%

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

51

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in September 2015, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/vamo.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

52

FUND SUMMARY
Cambria Global Asset Allocation ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������
*

0.00%
0.00%
0.37%
0.00%
0.37%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

** Total Annual Fund Operating Expenses may not correlate to the expense ratios in the Fund’s financial highlights because
the financial highlights reflect only the Fund’s operating expenses and do not include Acquired Fund Fees and Expenses,
which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investmentcompanies.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$38﻿

$119﻿

$208﻿

$468﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 13% of the average valueof its portfolio.

53Principal Investment Strategies
The Fund is designed to provide absolute positive returns with reduced downside volatility, manageable risk, and smaller
drawdowns (i.e., peak-to-trough declines in performance) by identifying an investable portfolio of exchange-traded vehicles
that provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe.
Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-tradedfunds (“ETFs”) and other exchange-traded products (“ETPs”) (collectively, “Underlying Vehicles”) that provide exposure tovarious (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies,and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure toundervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly
known as the “CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative
screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend
following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when theirprices are in an uptrend (i.e., prices are increasing over a specified time period) and/or increasing relative to the prices of otherassets, and (2) sell assets when their prices are in a downtrend (i.e., prices are decreasing over a specified time period) and/or
decreasing relative to the prices of other assets.
Under normal market conditions, the Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the“Adviser”), selects Underlying Vehicles that provide exposures of approximately 45% to equity securities, 45% to fixedincome securities and 10% to other asset classes, such as commodities and currencies.
Under normal market conditions, Cambria allocates approximately 40% of the Fund’s total assets to long positions inforeign companies’ equity or debt securities or foreign currencies. The Fund defines foreign companies as those domiciled
or principally traded outside of the U.S. The Fund defines equity exposures to include Underlying Vehicles that track the
performance of stock indices, closed-end funds, real estate investment trusts (“REITs”), exchange-traded currency trusts,
common stock, preferred stock and convertible securities of issuers of any market capitalization. The Fund defines fixedincome exposures to include Underlying Vehicles that track the performance of fixed income indices, exchange-traded notes,
securities issued by the U.S. Government and its agencies, sovereign debt and corporate bonds of any credit quality, including
high yield (or “junk”) bonds. The Fund defines commodity and currency exposures to include Underlying Vehicles that track
the performance of commodity and currency indices.
The Fund is considered a “fund of funds” that seeks to achieve its investment objective by primarily investing in Underlying
Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions,countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying
Vehicle, but which Cambria believes will help the Fund achieve its investment objective, including futures, options, swap
contracts, cash and cash equivalents, and money market funds.
Cambria has discretion to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. The Fund
may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available,
to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings to meet target
allocations at least annually.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”

54

Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility thaninvestments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future
market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. Dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks resulting
from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional, may adversely
impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of proprietary
information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized releaseof confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including Cambria, the sub-adviser,
the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of securities in which the Fund invests
may subject the Fund to many of the same risks associated with direct cyber security breaches.
Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing
directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than theirunderlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are
not open for trading.
Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative
can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested.
Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that thetransactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivativetransaction may not be liquid.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments. In addition, securities may decline in value due tofactors affecting a specific issuer, market or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.

55

Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing insecurities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying
ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of thefees and expenses of the underlying entity. As a result, the Fund’s operating expenses may be higher and performance may
be lower. Through its investments in investment companies, the Fund may be indirectly exposed to derivatives and leverage;
allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is
speculative and could magnify losses.
Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN
exposes the Fund to the risk that an ETN’s issuer may be unable to pay. In addition, as with investments in other ETPs, theFund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund’s operating expenses tobe higher and its performance to be lower.
Fixed Income Risk. A decline in an issuer’s credit rating and/or financial condition may cause such issuer’s fixed income
securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest
rates, an issuer of a callable bond held by the Fund may “call” (or repay) the security before its stated maturity, and the Fund
may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income. The market value of a
fixed income security generally changes in response to changes in interest rates and may change quickly and without warningin response to issuer defaults and changes in issuer credit ratings.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments
in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available
about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including
the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political,
diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading andrisks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities denominated in other currencies could
decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund’s returns.

56

Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to theAsia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries
have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed
conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies
in this region are dependent on a range of commodities, and are strongly affected by international commodity prices
and particularly vulnerable to price changes for these products.
Europe Risk. The Economic and Monetary Union of the European Union (“EU”) requires compliance with restrictions
on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly
affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade,changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereigndebt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies
of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU(“Brexit”). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe
and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which
may result in lower economic growth and increased volatility and illiquidity across global markets.
High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to theincreased risk of an issuer’s inability to meet principal and interest payment obligations. High yield securities are subject to agreater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities
are traded may be less liquid and more volatile than the market for higher grade securities.
Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates.
As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline,
the value of fixed income securities is likely to increase. Risks associated with rising interest rates are heightened given theFederal Reserve’s recent increases in interest rates. To the extent that rates increase substantially and/or rapidly, the Fund may
be subject to significant losses.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Leveraging Risk. Certain of the Fund’s investments may expose the Fund to leverage, causing the Fund’s value to be more volatile.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise ininterest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced tosell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund’s ability to achieve
its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

57

Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Momentum Investing Risk. The Underlying Index may identify securities that have had higher recent price performancecompared to other securities. These securities may be more volatile than a broad cross-section of securities. High momentum
may also be a sign that the securities’ prices have peaked. Momentum can turn quickly and cause significant variation fromother types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behavesdifferently than predicted.
Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of theunderlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.
Real Estate Industry Risk. The Fund is subject to the risks related to investments in real estate, including declines in the realestate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses,
legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural
disasters.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies. Often, small and medium capitalizationcompanies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing
market conditions.
Sovereign Debt Securities Risk. Investments in sovereign debt obligations involve special risks not present in corporate
debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable orunwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During
periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s NAV, may be more volatile than pricesof U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations,withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign
debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.
Swaps Contract Risk. Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument enteredinto by the Fund may become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delaysin or be prevented from obtaining payments owed to it pursuant to a swap contract.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

58

Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the Bloomberg Global Aggregate Index and the MSCI ACWI Index, each of which is a relevant
broad-based securities market index. The Bloomberg Global Aggregate Index provides a measure of the performance of theoverall global debt market, and the MSCI ACWI Index provides a measure of the performance of the overall global equity
market. Performance is also shown for an additional index, the S&P Balanced Equity & Bond Moderate Index, which provides
a measure for broad asset allocation strategies. All returns include the reinvestment of dividends and distributions. As always,
please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will performin the future. Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective January 1, 2019. From December 9, 2014 to December 31,
2018, Fund performance reflects the investment objective of the Fund when it sought investment results that corresponded(before fees and expenses) generally to the price and yield performance of the Cambria Global Asset Allocation Index.
Total Annual Returns for Calendar Year Ended December 31
20%
15.22%

15%10%

15.13%
9.49%

8.64%

10.50%

8.66%

5%
0%
-5%

-3.86%-6.84%

-10%

2015

2016

2017

2018

2019

2020

2021

-8.69%
2022

As of June 30, 2024, the Fund’s year-to-date total return was 3.47%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 11.92%, for the quarter ended June 30, 2020.
Worst: -15.68%, for the quarter ended March 31, 2020.

59

2023

Average Annual Total Returns for the period ending December 31, 2023

Cambria Global Asset Allocation ETF*

1 Year

5 Year﻿

Since
Inception(12/9/14)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
Bloomberg Global Aggregate Index (Reflects no deduction for fees,
expenses or taxes)**������������������������������������������������������������������������������MSCI ACWI Index (Reflects no deduction for fees, expenses ortaxes)**��������������������������������������������������������������������������������������������������
S&P Balanced Equity & Bond Moderate Index (Reflects no deduction
for fees, expenses or taxes)**����������������������������������������������������������������

  8.66%
  7.18%
  5.28%

6.68%
5.14%
4.63%

4.84%
3.56%
3.29%

  5.72﻿%-0.32﻿%0.31﻿%

22.81﻿%12.27﻿%8.77﻿%

14.71%

7.96%

6.43%

*

The Fund’s objective changed effective January 1, 2019. Prior to that date, the Fund was passively managed and sought
to track the performance, before fees and expenses, of the Cambria Global Asset Allocation Index. As of January 1, 2019,
the Fund is actively managed and seeks income and capital appreciation.

** In connection with newly adopted SEC regulations applicable to the Fund, the Bloomberg Global Aggregate Index and the
MSCI ACWI Index are the Fund’s new broad-based securities market indexes. Performance information is also shown for
the S&P Balanced Equity & Bond Moderate Index, the Fund’s previous broad-based securities market index.
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in December 2014, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/gaa.

60

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

61

FUND SUMMARY
Cambria Tail Risk ETF
Investment Objective
The Fund seeks to provide income and capital appreciation from investments in the U.S. market while protecting against
significant downside risk.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.00%
0.59%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$60

$189

$329

$738﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable
account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance.
For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.

62Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds,
and utilizing a put option strategy to manage the risk of a significant negative movement in the value of domestic equities(commonly referred to as tail risk) over rolling one-month periods. To hedge against sharp declines in the U.S. stock market,
each month, the Fund purchases U.S. exchange-listed protective “out of the money” put options on U.S. stock indices. The Fund’sinvestment adviser, Cambria Investment Management, L.P. (“Cambria” or the “Adviser”), intends to spend approximately one
percent of the Fund’s total assets per month to purchase put options. Cambria generally targets put options in the 0% to 30%
out of the money range. Buying a put option provides the purchaser the right to sell the underlying index to the put seller at
a specified price within a specified time period. There is an associated cost (premium), but in the event the underlying index
declines in value, ownership of the put may reduce the downside risk. In the event the market rises, the cost of the option might
be lost. For example, if the Fund purchases a put option on the S&P 500 Index (“SPX Put”), the Fund pays a premium to theoption seller, which decreases the Fund’s return. If, however, the value of the S&P 500 Index falls below the SPX Put’s strikeprice, the option finishes “in-the-money” and the option seller pays the Fund the difference between the strike price and thevalue of the S&P 500 Index. By employing the put option strategy, Cambria seeks growth with reduced volatility as comparedto the cash and U.S. bonds.
Cambria has implemented the put option strategy to attempt to provide protection from significant market declines on amonth-by-month basis. The bulk of this protection comes in the form of put options on indices that track the performance ofU.S. equity securities. Cambria generally intends to re-initiate new options positions that make up the put option position eachmonth and reinvest any gains from these activities into U.S. bonds, including U.S. Treasuries and Treasury inflation-protected
securities (TIPS). Cambria also may, at its discretion, liquidate and establish new option positions intra-month, or liquidate
option positions without establishing new positions. The put option strategy only includes exchange-listed put options.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Derivatives Risk. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large
impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Derivatives
are financial instruments that derive their performance from an underlying reference asset, such as an index. The returnon a derivative instrument may not correlate with the return of its underlying reference asset. Other risks of investments inderivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in
losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

63

ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Hedging Risk. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended.
There can be no assurance that the Fund’s put option strategy will be effective. It may expose the Fund to losses, e.g., option
premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government
bond ETFs. Further, the put option strategy may not fully protect the Fund against declines in the value of its portfolio
securities.
Inflation-Protected Security Risk. Inflation-protected securities, such as Treasury inflation-protected securities (TIPS),
provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise andincrease in value when real interest rates fall.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Liquidity Risk. The Fund may purchase options and invest in other instruments that may be less liquid than other types ofinvestments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund’sability to achieve its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

64

Options Risk. The value of the Fund’s positions in options fluctuates in response to changes in the value of the underlying
index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund only purchases put
options, the Fund’s losses from its exposure to put options is limited to the amount of premiums paid to the option seller.
Portfolio Turnover Risk. Because the Fund “turns over” its put options every month, the Fund will incur high levels oftransaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Fund
paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may
cause the Fund’s performance to be less than you expect. While the turnover of the put options is not deemed “portfolio
turnover” for accounting purposes, the economic impact to the Fund is similar to what could occur if the Fund experienced
high portfolio turnover (e.g., in excess of 100% per year).

Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the S&P 500 Index, which is a relevant broad-based securities market index that provides ameasure of the performance of the overall domestic equity market. Performance is also shown for an additional index, theBloomberg Short Treasury Index, which is composed of zero-coupon Treasury Bills and fixed-rate Treasury bonds with amaturity between one and 12 months. All returns include the reinvestment of dividends and distributions. As always, please
note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the
future. Updated performance information is available at www.cambriafunds.com.
Total Annual Returns for Calendar Year Ended December 31
10%
6.98%
5%

2.33%

0%
-5%
-10%
-13.99%

-15%
-20%

2018

2019

2020

-12.81%-13.15%-12.98%

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was -7.71%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 23.49%, for the quarter ended March 31, 2020.
Worst: -10.32%, for the quarter ended March 31, 2019.

65

Average Annual Total Returns for the period ending December 31, 2023

Cambria Tail Risk ETF

1 Year

5 Year

Since
Inception(4/5/17)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
S&P 500 Index (Reflects no deduction for fees, expenses or taxes)*�������
Bloomberg Short Treasury Index (Reflects no deduction for fees,
expenses or taxes)*��������������������������������������������������������������������������������

-12.98%-14.21%
  -7.65%
26.29﻿%  -9.52%-10.05%  -7.04%  15.69﻿%-8.11%-8.64%-5.93%
13.04﻿%   5.09%   1.89%

1.78%*

In connection with newly adopted SEC regulations applicable to the Fund, the S&P 500 Index is the Fund’s new
broad-based securities market index. Performance information is also shown for the Bloomberg Short Treasury Index, theFund’s previous broad-based securities market index.

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in April 2017, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/tail.

66

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

67

FUND SUMMARY
Cambria Trinity ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������
*

0.00%
0.00%
0.45%
0.00%
0.45%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

** Total Annual Fund Operating Expenses may not correlate to the expense ratios in the Fund’s financial highlights because
the financial highlights reflect only the Fund’s operating expenses and do not include Acquired Fund Fees and Expenses,
which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investmentcompanies.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$46﻿

$144﻿

$252﻿

 $567﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 69% of the average valueof its portfolio.

68Principal Investment Strategies
The Fund is designed to provide diversified exposure to all of the major asset classes in the various regions, countries andsectors around the globe and absolute positive returns with lower volatility and risk compared to global equity markets. The
major asset classes represented in the Fund are equity and fixed income securities, real estate, commodities, listed derivatives,and currencies.
Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-tradedfunds (“ETFs”) and other exchange-traded products (“ETPs”) (collectively, “Underlying Vehicles”) that provide exposure tovarious (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies,and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure toundervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly
known as the “CAPE Shiller P/E ratio”, while seeking to avoid overvalued markets through the use of systematic quantitative
screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend
following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when
their prices are in an uptrend (i.e., prices are increasing over a specified time period) and/or increasing relative to the prices ofother assets, and (2) sell or short assets when their prices are in a downtrend (i.e., prices are decreasing over a specified time
period) and/or decreasing relative to the prices of other assets. The Fund also invests in other Underlying Vehicles that pursue
shareholder yield and managed futures strategies, which involve dividend investing and short sales, respectively.
Under normal market conditions, the Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the“Adviser”), selects Underlying Vehicles that provide the Fund with a targeted allocation of approximately 25% of its portfolio
to equity securities, 25% to fixed income securities, 35% to trend following strategies, and 10% to other asset classes such as
currencies and real assets, including commodities, listed derivatives, and real estate. As of August 1, 2024, the Fund invested
in twenty-seven Underlying Vehicles that provide investment exposure to these various asset classes and strategies.
The Fund defines equity securities to include exposure through Underlying Vehicles to equity securities, including, but notlimited to, real estate investment trusts (“REITs”) and common stocks of issuers of any market capitalization. The Fund
defines fixed income securities to include exposure through Underlying Vehicles to securities issued by the U.S. Government
and its agencies, treasury inflation-protected securities (TIPS), sovereign debt and corporate bonds of any credit quality,
including high yield (or “junk”) bonds. The equity securities and fixed income securities may be issued by governments orcompanies located in developed or emerging markets.
The Fund is considered a “fund of funds” that seeks to achieve its investment objective by primarily investing in Underlying
Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions,countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying
Vehicles, but which Cambria believes will help the Fund achieve its investment objective, including, but not limited to, futures,
options, swap contracts, cash and cash equivalents, and money market funds.
Cambria has discretion to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. The Fund
may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available,
to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings to meet target
allocations at least annually.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”

69

Commodity Investing Risk. The Fund may invest in commodity-related companies, commodity futures and physicalcommodities through the Underlying Vehicles. These investments may subject the Fund to greater volatility than investments
in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market
conditions may result in rapid and substantial valuation increases or decreases in an Underlying Vehicle’s holdings.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. dollar value of the Fund’s investments in Underlying Vehicles with exposure to global regions and foreign securities.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing
directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than theirunderlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are
not open for trading.
Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative
can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested.
Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that thetransactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivativetransaction may not be liquid.
Dividend Paying Security Risk. Underlying Vehicles may be comprised of dividend paying securities. Securities that pay highdividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay
high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available forthese companies’ dividend payments may adversely affect the Fund.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. Because Underlying Vehicles may be comprised of equities, an investment in the Fund involves
risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates
and perceived trends in stock prices. The values of equity securities could decline generally or could underperform otherinvestments due to factors affecting a specific issuer, market or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.

70Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Exchange-Traded Funds, Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities
of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF,
ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees andexpenses of the underlying entity. As a result, the Fund’s operating expenses may be higher and performance may be lower.
Fixed Income Risk. Underlying Vehicles may be comprised of fixed income securities. A decline in an issuer’s credit rating
and/or financial condition may cause such issuer’s fixed income securities to decrease in value while experiencing increased
volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by an Underlying
Vehicle may “call” (or repay) the security before its stated maturity, and the Underlying Vehicle may have to reinvest theproceeds at lower interest rates, resulting in a decline in the Underlying Vehicle’s and the Fund’s income. The market value of a
fixed income security generally changes in response to changes in interest rates and may change quickly and without warningin response to issuer defaults and changes in issuer credit ratings.
Foreign Investment Risk. Underlying Vehicles may be comprised of foreign securities. Returns on investments in foreign
securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities
entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences ininvestor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction
imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic
risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement inforeign jurisdictions. In addition, an Underlying Vehicle’s investments in securities denominated in other currencies could
decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Underlying Vehicle’s andthe Fund’s returns.
Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation
between movements in prices of index futures contracts and movements in the value of the stock index that the instrument isdesigned to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability toclose a position prior to its maturity date. Investments in futures may expose the Fund to leverage.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in Underlying Vehicles thatinvest in securities of companies of a single country or region, it is more likely to be impacted by events or conditions affectingthat country or region.
Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to theAsia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries
have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed
conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies
in this region are dependent on a range of commodities, and are strongly affected by international commodity prices
and particularly vulnerable to price changes for these products.

71Europe Risk. The Economic and Monetary Union of the European Union (“EU”) requires compliance with restrictions
on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly
affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade,changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereigndebt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies
of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU(“Brexit”). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe
and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which
may result in lower economic growth and increased volatility and illiquidity across global markets.
High Yield Securities Risk. Underlying Vehicles may be comprised of high yield securities. High yield securities and unrated
securities of comparable credit quality are subject to the increased risk of an issuer’s inability to meet principal and interest
payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently
speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than themarket for higher grade securities.
Inflation-Protected Security Risk. Underlying Vehicles may be comprised of inflation-protected securities, such as Treasury
inflation-protected securities (“TIPS”), that provide protection against inflation. Inflation-protected securities typicallydecrease in value when real interest rates rise and increase in value when real interest rates fall.
Interest Rate Risk. The market value of fixed income securities, and financial instruments related to fixed income securities,
will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely
to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Longer maturity
securities tend to be more sensitive to changes in interest rates and more volatile; and thus an Underlying Vehicle with a longer
portfolio maturity generally is subject to greater interest rate risk. Risks associated with rising interest rates are heightened
given the Federal Reserve’s recent increases in interest rates. To the extent that rates increase substantially and/or rapidly, an
Underlying Vehicle investing in fixed incomes securities, and the Fund, may be subject to significant losses.
International Closed-Market Trading Risk. Because an Underlying Vehicle’s investments may be traded in markets that areclosed when the Underlying Vehicle’s listing exchange is open, there are likely to be deviations between the current pricing ofan Underlying Vehicle’s underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market),resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Companies Risk. The Fund’s investments in Underlying Vehicles that are comprised of large
capitalization companies may underperform other segments of the market because large capitalization companies may beunable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not beable to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise ininterest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced tosell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund’s ability to achieve
its investment objective and may result in losses to Fund shareholders.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

72

Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Momentum Investing Risk. Underlying Vehicles may pursue momentum and trend following strategies that seek to identify
securities that have had higher recent price performance compared to other securities. These securities may be more volatile
than a broad cross-section of securities. High momentum may also be a sign that the securities’ prices have peaked. Momentum
can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses
if momentum stops, turns or otherwise behaves differently than predicted.
Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of theunderlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.
Real Estate Industry Risk. Underlying Vehicles may be comprised of real estate securities. The Fund is subject to the risks
related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases
in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital,
defaults by borrowers or tenants, environmental problems and natural disasters.
REIT Risk. Underlying Vehicles may be comprised of REITs. In addition to the risks associated with the real estate industry,
REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure toqualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent
upon specialized management skills and may invest in relatively few properties, a small geographic area or a small numberof property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own
fees and expenses and the Underlying Vehicle, as well as the Fund, will indirectly bear a proportionate share of those fees andexpenses.
Short Sale Risk. Underlying Vehicles may engage in short selling. If a security is sold short and subsequently has to bebought back at a higher price, the Underlying Vehicle will realize a loss on the transaction. The amount of loss on a short saleis potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position,
where the maximum loss is the amount invested). The use of short sales by Underlying Vehicles may increase the Fund’s
exposure to the market, and may increase losses and the volatility of returns.
Small and Medium Capitalization Company Risk. The Fund’s investments in Underlying Vehicles that are comprised ofsmall and medium capitalization companies involve greater risk than customarily is associated with investing in larger, moreestablished companies. These companies’ securities may be more volatile and less liquid than those of more establishedcompanies. Often small and medium capitalization companies and the industries in which they focus are still evolving and, asa result, they may be more sensitive to changing market conditions.
Sovereign Debt Securities Risk. Underlying Vehicles may be comprised of sovereign debt securities. Investments in sovereign
debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities
that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may
have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt,
and the Fund’s NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets haveencountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria
on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt
securities, as discussed in this Prospectus.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

73

Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the Bloomberg Global Aggregate Index and the MSCI ACWI Index, each of which is a relevant
broad-based securities market index. The Bloomberg Global Aggregate Index provides a measure of the performance of theoverall global debt market, and the MSCI ACWI Index provides a measure of the performance of the overall global equity
market. Performance is also shown for an additional index, the S&P Balanced Equity & Bond Moderate Index, which provides
a measure for broad asset allocation strategies. All returns include the reinvestment of dividends and distributions. As always,
please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will performin the future. Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective January 1, 2019. Prior to that date, Fund performance reflects
the investment objective of the Fund when it sought investment results that corresponded (before fees and expenses) generally
to the price and yield performance of the Cambria Trinity Index.
Total Annual Returns for Calendar Year Ended December 31
20%
15.49%

15%

10%

8.87%
4.53%

5%
1.77%
0%

-5%

2019

2020

2021

-3.66%
2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was 3.24%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 10.17%, for the quarter ended December 31, 2020.
Worst: -14.96%, for the quarter ended March 31, 2020.

74

Average Annual Total Returns for the period ending December 31, 2023

Cambria Trinity ETF*

1 Year

5 Year

Since
Inception(9/10/18)

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
Bloomberg Global Aggregate Index (Reflects no deduction for fees,
expenses or taxes)**������������������������������������������������������������������������������MSCI ACWI Index (Reflects no deduction for fees, expenses ortaxes)**��������������������������������������������������������������������������������������������������
S&P Balanced Equity & Bond Moderate Index (Reflects no deduction
for fees, expenses or taxes)**﻿����������������������������������������������������������������

  4.53%
  3.36%
  2.87%

5.20%
3.92%
3.59%

3.68%
2.42%
2.40%

   5.72%﻿

-0.32%﻿

-0.17%﻿

22.81%﻿

12.27%﻿

9.17%﻿

14.71%

7.96%

6.49%

*

The Fund’s objective changed effective January 1, 2019. Prior to that date, the Fund was passively managed and sought totrack the performance, before fees and expenses, of the Cambria Trinity Index. As of January 1, 2019, the Fund is actively
managed and seeks income and capital appreciation.

** In connection with newly adopted SEC regulations applicable to the Fund, the Bloomberg Global Aggregate Index and the
MSCI ACWI Index are the Fund’s new broad-based securities market indexes. Performance information is also shown for
the S&P Balanced Equity & Bond Moderate Index, the Fund’s previous broad-based securities market index.
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in September 2018, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/trty.

75

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

76

FUND SUMMARY
Cambria Cannabis ETF
Investment Objective
The Fund seeks capital appreciation from investments in the global equity markets that have exposure to the broad cannabis
industry.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������
Less Fee Waiver**:������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses After Fee Waiver:�����������������������������������������������������������������������������������������
*

0.59%
0.00%
0.01%
0.60%
(0.17)%
0.43%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

** The Fund’s investment adviser has agreed to waive 17 basis points (0.17%) of its management fees for the Fund until atleast August 31, 2025. This agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses (including one year of waived expenses each period) remain the same. The example does not reflect any brokeragecommissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$44﻿

$138﻿

$241﻿

 $542﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 13% of the average valueof its portfolio.

77Principal Investment Strategies
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing,under normal market conditions, primarily in (1) Cannabis Companies (defined below), and (2) total return swaps intended
to provide exposure to Cannabis Companies. Global equity securities that provide broad exposure to the cannabis industry
include companies that (i) engage in or support the legal production, cultivation, and/or sale of cannabis, including marijuana
and hemp, such as certain agrobusiness, biotechnology, life sciences, pharmaceutical, retail, finance, and real estate companies,(ii) perform lawful research as to the medical and pharmaceutical applications of marijuana and cannabis extracts, including
cannabinoids, or (iii) produce and develop devices, goods, and equipment related to the cannabis industry, including hemp
and its legal derivatives (collectively, “Cannabis Companies”). To be identified as a Cannabis Company, Cambria Investment
Management, L.P., the Fund’s investment adviser (“Cambria”), must determine that a company derives a significant portion(i.e., at least 50%) of its revenue or profits from the legal sale, cultivation, production, or provision of cannabis-related
products, services, or research. Under normal market conditions, at least 80% of the value of the Fund’s net assets (plusborrowings for investment purposes) will be invested in Cannabis Companies. On a day-to-day basis, the Fund may holdmoney market instruments, cash, other cash equivalents, and exchange traded products that invest in these and other highly
liquid instruments to collateralize its derivative positions.
As the cannabis industry matures over time, Cambria expects that the industry will grow and crossover with other establishedindustries such as tobacco, food, alcohol, medicine, tourism, and personal care, and the definition of Cannabis Company will
evolve as new business lines and products develop. Under the Agriculture Improvement Act of 2018 (the “Farm Bill”), hemp
is defined as being derived from cannabis plants and plant parts that contain 0.3% or less of tetrahydrocannabinol (THC), thepsychoactive agent found in marijuana, in their leaves and flowering heads. Hemp is commonly used to produce textiles, paper
products, rope, and construction materials, and legal derivatives of hemp, such as hemp seeds, hemp seed oil and hemp seed
protein, can be used in food products, cosmetics, plastics, and biofuel. Cannabinoids, such as THC and cannabidiol (CBD), arechemical compounds found in the cannabis plant that may be used in lawful research and the development of prescription drugs.
The Fund will only invest in publicly-traded Cannabis Companies that operate in a jurisdiction where the Cannabis Companies’
cannabis-related business activities are legal under the national and local laws of the relevant jurisdiction, including U.S. federal
and state laws. Further, the Fund will only invest in Cannabis Companies listed and traded on a national securities exchangethat requires compliance with all laws, rules and regulations applicable to their business, including U.S. federal law.
The Fund generally expects to invest in Cannabis Companies across a broad market capitalization spectrum of micro-, small-,and mid-capitalization stocks. While the Fund will target investing in approximately 20 to 50 of the top Cannabis Companies
based on Cambria’s determination as to their exposure to the cannabis industry, the quantity of holdings in the Fund will
be based on a number of factors, including the asset size of the Fund and the number of companies that satisfy Cambria’s
quantitative measurements at any one time. Filters will be implemented to screen for companies that pass various market
capitalization, and liquidity requirements.
As of August 1, 2024, the Fund had significant investment exposure to companies in the consumer staples and healthcare
sectors, as well as companies in Canada; however, the Fund’s sector exposure may change from time to time.
The Fund’s portfolio will be rebalanced periodically, but no less frequently than annually, to meet Cambria’s internal target
allocations, which are developed pursuant to Cambria’s quantitative strategy. If, after acquiring a Cannabis Company’s securities,
Cambria identifies or becomes aware that the company no longer meets the Fund’s definition of Cannabis Companies, theFund will promptly sell that position. The Fund may sell a security when Cambria believes that the security is overvalued or
better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions.

Principal Risks
An investment in the Fund involves risk. The Fund’s principal risks are presented below in alphabetical order to facilitate
investors’ ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is
considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks
may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its
objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investingin the Fund. For more information about the risks of investing in the Fund, see the sections titled “Additional Information
About the Funds’ Risks” and “Additional Non-Principal Risk Information.”78

Cannabis Industry Risk. Cannabis Companies are subject to various laws and regulations that may differ at the local andfederal level. These laws and regulations may significantly affect a Cannabis Company’s ability to secure financing, impact themarket for cannabis industry sales and services, and set limitations on marijuana use, production, processing, transportation,
sale, marketing and storage. Cannabis Companies may also be required to secure permits and authorizations from government
agencies to cultivate, process, transport, store, market, sell or research marijuana. In addition, Cannabis Companies are
subject to the risks associated with the agricultural, biotechnology, and pharmaceutical industries. The Fund only invests inpublicly-traded Cannabis Companies primarily listed and traded on a national securities exchange that operates in a jurisdiction
where the Cannabis Companies’ cannabis-related business activities are legal under the national and local laws of the relevant
jurisdiction, including U.S. federal and state laws.
U.S. Regulation of Marijuana. Although the medical use of marijuana is legal in more than half of the states as wellas the District of Columbia and non-medical use of marijuana is legal in an increasing number of states and the Districtof Columbia, the possession and use of marijuana remains illegal under U.S. federal law. Actions by federal regulatory
agencies, such as increased enforcement of federal marijuana laws and the prosecution of nonviolent federal drug
crimes by the U.S. Department of Justice (“DOJ”), could produce a chilling effect on the industry’s growth and further
discourage banks from expanding their services to cannabis-related companies where such services are currently
limited, notwithstanding cannabis banking guidance provided by the Financial Crimes Enforcement Network of the
U.S. Department of Treasury (“FINCEN”). This conflict between the regulation of marijuana under federal and state
law creates volatility and risk for all Cannabis Companies. In particular, the stepped up enforcement of marijuanalaws by the federal government would adversely affect the value of the Fund’s U.S. investments, if any, as well as
the Fund’s future ability to invest in Cannabis Companies primarily listed and traded on a U.S. national securities
exchange and/or engaged in cannabis-related businesses in the U.S. Cannabis Companies that engage in legal medicalor pharmaceutical research or the legal production and distribution of controlled substances such as marijuana must
be registered with the Drug Enforcement Administration (“DEA”) to perform such activities. Further, the DEA has no
obligation to ever issue such registration to cannabis or marijuana products. In addition, although the DOJ publisheda notice of proposed rulemaking with the Federal Register on May 21, 2024, to initiate a formal rulemaking process
to reconsider rescheduling marijuana under the Controlled Substances Act (“CSA”), until a final rule is published,cannabis remains a Schedule I controlled substance and is subject to the limitations of Section 280E of the Internal
Revenue Code of 1986, as amended (the “Internal Revenue Code”). Section 280E applies by its terms to the purchaseand sale of medical-use cannabis products and provides that no deduction or credit is allowed for expenses incurred
during a taxable year “in carrying on any trade or business if such trade or business (or the activities which comprisesuch trade or business) consists of trafficking in controlled substances (within the meaning of Schedules I and II of
the [CSA]) which is prohibited by federal law or the law of any state in which such trade or business is conducted.”
The disallowance of such tax deductions will likely affect the value of cannabis-related companies.
U.S. Regulation of Hemp and Hemp-Derived CBD. The Farm Bill effectively removes hemp, its extracts, derivatives,
including hemp-derived cannabinoids such as CBD from the CSA’s list of controlled substances and allows states
to regulate its production, commerce, and research with approval from the United States Department of Agriculture(“USDA”). However, it is unlawful under federal law to market a food or dietary supplement that contains CBD. CBD
also may not be included as an active ingredient in any over-the-counter drug product that is not the subject of an
FDA-approved marketing application. FDA has the authority to remove from the market any CBD product that does
not comply with the agency’s requirements. Accordingly, companies selling food or dietary supplements containing
CBD may face federal enforcement action and would not be permitted to sell or market their products.
Non-U.S. Regulation of Marijuana. Laws and regulations related to the possession, use (medical or recreational),
sale, transport and cultivation of marijuana vary throughout the world. These laws and regulations are subject tochange and may have a significant impact on the operations of a Cannabis Company. Such operations may be legal
under current law, but may be illegal in the future if the applicable law changes to prohibit marijuana-related activities
vital to the company’s business. In Canada, the Cannabis Act, along with the related provincial and territorial
legislation regulating adult use, distribution and sales, established a legal framework in Canada for the production,
distribution, sale, and possession of both medical cannabis and adult use marijuana. However, there can be noassurance that Canadian federal, provincial, or territorial laws regulating cannabis will not be repealed or overturnedor that governmental authorities will not limit the application of such laws within their respective jurisdictions.

79

Counterparty Risk. The Fund bears the risk that the counterparty to a derivative or other contract with a third party may
default on its obligations or otherwise fail to honor its obligations. If a counterparty defaults on its payment obligations theFund will lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may engage in suchinvestment transactions with a limited number of counterparties.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative
can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested.
Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that thetransactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivativetransaction may not be liquid.
Swaps Contract Risk. Swap contracts are agreements among the Fund and a counterparty to exchange the return ofthe pre-determined underlying investment (such as the rate of return of an underlying index). Swap agreements may
be negotiated bilaterally and traded over the counter (“OTC”) between two parties or, for certain standardized swaps,
must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves
as a central counterparty. Risks associated with the use of swap agreements are different from those associated withordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps
trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity andleveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk andincrease liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules
imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its
counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to
the Fund and impose added operational complexity.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.

80Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
Canada Risk. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is
Canada’s largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the
demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of theseresources, both in Canada and worldwide, can have a significant effect on Canadian market performance. Conditions
that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

81Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Micro Capitalization Company Risk. In addition to the risks associated with investing in small and medium capitalizationcompanies, set forth below, micro capitalization companies are more vulnerable to adverse economic events and poor businessconditions than larger, more established companies. The earnings and revenue of micro capitalization companies tend to beless predictable, and their securities are generally less liquid and subject to greater and more unpredictable price changes.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Consumer Staples Sector Risk. The consumer staples sector includes, for example, food and drug retail andcompanies whose primary lines of business are food, beverage and other household items, including agricultural
products. This sector can be significantly affected by, among other things, changes in price and availability ofunderlying commodities, rising energy prices and global and economic conditions.
Health Care Sector Risk. The health care sector includes, for example, biotechnology, pharmaceutical, health carefacilities, and health care equipment and supply companies. This sector can be significantly affected by, among otherthings, lapsing patent protection, technological developments that make drugs obsolete, government regulation, pricecontrols, and approvals for drugs.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.

82

Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the MSCI North America Index, which is a relevant broad-based securities market index
that provides a measure of the performance of the overall equity market in North America. Performance is also shown
for an additional index, the S&P 500 Index, which represents the overall domestic equity market. All returns include thereinvestment of dividends and distributions. As always, please note that the Fund’s past performance (before and aftertaxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is availableat www.cambriafunds.com.
Total Annual Returns for Calendar Year Ended December 31
20%
10%
0%

2.01%

-10%

-9.89%-12.79%
-20%
-30%
-40%
-50%

-44.33%
2020

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was -0.87%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 39.94%, for the quarter ended March 31, 2021.
Worst: -32.63%, for the quarter ended March 31, 2020.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Cannabis ETF

1 Year

Since
Inception(7/24/19)

Return Before Taxes�������������������������������������������������������������������������������������������������������������
Return After Taxes on Distributions������������������������������������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares���������������������������������������������MSCI North America Index (Reflects no deduction for fees, expenses or taxes)*�������������
S&P 500 Index (Reflects no deduction for fees, expenses or taxes)*���������������������������������

  -9.89%-10.99%-5.46%
26.59%﻿
26.29%-25.19%-26.06%-16.49%12.50%﻿
12.72%*

In connection with newly adopted SEC regulations applicable to the Fund, the MSCI North America Index is the Fund’s
new broad-based securities market index. Performance information is also shown for the S&P 500 Index, the Fund’s
previous broad-based securities market index.

83

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in July 2018, and Mr. Keetz has managed
the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/toke.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

84

FUND SUMMARY
Cambria Global Real Estate ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:�������������������������������������������������������������������������������������������������������������������
Other Expenses:����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:��������������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.00%
0.59%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$60﻿

$189﻿

$329﻿

$738﻿

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 77% of the average valueof its portfolio.

85

Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions,primarily in the securities of domestic and foreign, including developed and emerging market, companies principally
engaged in the real estate sector and real-estate related industries (collectively, “real estate companies”) that exhibit favorable
multi-factor metrics, such as value, quality and momentum, according to a quantitative methodology developed by Cambria
Investment Management, L.P., the Fund’s investment adviser (“Cambria”). For investment purposes, real estate companies
are defined as (i) exchange-listed real estate investment trusts (“REITs”) and (ii) companies included in the real estate sector
according to the Global Industry Classification Standards (GICS®), a widely recognized industry classification methodology
developed by MSCI, Inc. and Standard & Poor’s Financial Services LLC. A REIT is a company that pools investor funds
to invest primarily in income producing real estate or real estate related loans or interests. REITs are not taxed on income
distributed to their shareholders if, among other things, they distribute substantially all of their taxable income (other than net
capital gains) for each taxable year. Under normal market conditions, at least 80% of the value of the Fund’s net assets (plusborrowings for investment purposes) will be invested in the securities of real estate companies.
Cambria selects Fund securities by beginning with the broad global universe of real estate companies and using its quantitative
methodology to screen for securities that pass certain market capitalization and liquidity requirements. Cambria then utilizes
a proprietary algorithm to identify the securities of real estate companies that are attractive from a multi-factor perspective.
Cambria’s algorithm identifies companies based on (i) value metrics, including, but not limited to, price-to-sales (P/S) ratio,
price-to-earnings (P/E) ratio, funds from operations (FFO), dividend yield, and enterprise multiple (EV/EBITDA), (ii) quality
metrics, such as accruals or debt/asset ratios, and (iii) momentum metrics, including trailing (preceding) 12-month total returns.
For additional information about the algorithm and its multi-factor metrics, see the section titled “Additional Information
about the Fund’s Investment Strategies and Risks.”
The Fund employs a “momentum” style of investing that emphasizes investing in securities that have had higher recent priceperformance compared to other securities. With respect to momentum metrics, momentum is defined as an upward (positive)
or downward (negative) price movement of a security (or an asset class), generating positive or negative investment returns,
over the course of a predefined observation period. Cambria uses traditional stock-price momentum metrics. As an example,
12-month momentum would be calculated by observing the company’s stock returns during the trailing 12-month period. A
company’s 12-month total returns include any dividends realized during this observation period, which spans from a recent end
date to a start date 12 months prior.
Under normal market conditions, at least 40% of the Fund is expected to be composed of real estate companies issued andlisted outside the United States that, in the aggregate, are tied economically to a number of countries throughout the world. As
of August 1, 2024, the Fund had significant investment exposure to real estate companies issued and listed in the United States;
however, the Fund’s geographic exposure may change from time to time.
The Fund concentrates (holds more than 25% of) its assets in real estate-related industries. Securities of “realestate-related industries” means securities classified in one of these two industry groups of the Real Estate sector, as determinedby GICS: (1) Equity REITs and (2) Real Estate Management & Development.
Within each of the two broad global regions, United States and ex-United States, Cambria selects approximately the top 20% of realestate companies, based on the application of its algorithm, used in conjunction with its quantitative, multi-factor methodology.
Cambria expects the Fund’s portfolio to be comprised of between 50 and 100 constituents of approximate equal weight. The
Fund’s portfolio is rebalanced periodically, but no less frequently than annually, to meet Cambria’s internal target allocations,which are developed pursuant to Cambria’s quantitative strategy. The Fund may sell a security when Cambria believes thatthe security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet
redemptions.

86Principal Risks
An investment in the Fund involves risk. The Fund’s principal risks are presented below in alphabetical order to facilitate
investors’ ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is
considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks
may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its
objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investingin the Fund. For more information about the risks of investing in the Fund, see the sections titled “Additional Information
About the Funds’ Risks” and “Additional Non-Principal Risk Information.”
Concentration Risk. The Fund’s investments are concentrated in real estate-related industries, and the Fund may be susceptible
to loss due to adverse occurrences affecting these industries.
Real Estate Industry Risk. The Fund is subject to the risks related to investments in real estate, including declines
in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes
and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants,
environmental problems and natural disasters. The availability of mortgages and changes in interest rates may also
affect real estate values.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. dollar value of the Fund’s investments.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.

87

Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

88Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Momentum Investing Risk. Securities that have previously exhibited price momentum may be more volatile than a broadcross-section of securities and their returns may be less than the returns of the overall stock market or other styles of investing.
High momentum may also be a sign that the securities’ prices have peaked. Momentum can turn quickly and cause significant
variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise
behaves differently than predicted.
Portfolio Turnover Risk. The Fund’s strategy may result in high portfolio turnover rates, which may increase the Fund’s
brokerage commission costs and negatively impact the Fund’s performance. Such portfolio turnover also may generate net
short-term capital gains.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
REIT Risk. In addition to the risks associated with the direct ownership of real estate and real estate-related securities, REITs
are subject to additional risks, including those related to adverse governmental actions, and the performance of a REIT may beaffected by its failure to qualify for tax-free pass through of income or its failure to maintain exemption from registration as
an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties,
a small geographic area or a small number of property types. REITs depend generally on their ability to generate cash flow tomake distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. As aresult, investments in REITs may be volatile. REITs also have their own fees and expenses, and the Fund will indirectly beara proportionate share of those fees and expenses.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

89Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the MSCI ACWI Index, which is a relevant broad-based securities market index that provides ameasure of the performance of the overall global equity market. Performance is also shown for an additional index, the FTSEEPRA Nareit Global REITs Index, which measures the total return of size- and liquidity-screened stocks of certain real estatecompanies that qualify for REIT status under the tax law in the country of domicile. All returns include the reinvestment ofdividends and distributions. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.
Total Annual Returns for Calendar Year Ended December 31
25%

22.08%

20%
15%
10%
5%

2.54%

0%
-5%
-10%
-15%

-14.92%

-20%
-25%

2021

2022

2023

As of June 30, 2024, the Fund’s year-to-date total return was -0.87%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 12.79%, for the quarter ended December 31, 2022.
Worst: -14.52%, for the quarter ended June 30, 2022.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Global Real Estate ETF

1 Year

Since
Inception(9/23/20)

Return Before Taxes���������������������������������������������������������������������������������������������������������������
Return After Taxes on Distributions��������������������������������������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�����������������������������������������������MSCI ACWI Index (Reflects no deduction for fees, expenses or taxes)*�����������������������������
FTSE EPRA Nareit Global REITs Index (Reflects no deduction for fees, expenses
or taxes)*����������������������������������������������������������������������������������������������������������������������������

  2.54%
  0.77%
  1.80%22.81%﻿

6.74%
4.45%
4.42%
11.09%﻿

10.89%

8.90%*

In connection with newly adopted SEC regulations applicable to the Fund, the MSCI ACWI Index is the Fund’s new
broad-based securities market index. Performance information is also shown for the FTSE EPRA Nareit Global REITs
Index, the Fund’s previous broad-based securities market index.

90

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in September 2020, and Mr. Keetz has
managed the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/bldg.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

91

FUND SUMMARY
Cambria Micro and SmallCap Shareholder Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses***:�����������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������

0.59%
0.00%
0.28%
0.00%
0.87%

*  	Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).
** 	Based on estimated amounts for the current fiscal year. Total Annual Fund Operating Expenses may not correlate to
the expense ratios in the Fund’s financial highlights because the financial highlights reflect only the Fund’s operating
expenses and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by theFund through its investments in certain underlying investment companies.
*** Based on estimated amounts for the current fiscal year.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

$89﻿

$278﻿

92

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a
taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s
performance. For the fiscal period January 5, 2024 (commencement of operations) through April 30, 2024, the Fund’s portfolio
turnover rate was 8% of the average value of its portfolio.

Principal Investment Strategies
The Fund is actively managed using a model-based approach and seeks to achieve its investment objective by investing, undernormal market conditions, at least 80% of its net assets, plus borrowings for investment purposes, in equity securities, includingcommon stock, issued by U.S.-based micro and small capitalization publicly listed companies that provide high “shareholder
yield.” The Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the “Adviser”), defines microand small capitalization companies as companies having a market capitalization between $100 million and $5 billion. Cambria
defines “shareholder yield” as the totality of returns realized by an investor from a company’s cash payments for dividends,
buybacks and debt paydowns. For the purposes of this strategy, Cambria’s quantitative algorithm calculates a company’s
shareholder yield by considering the following characteristics: (i) dividend payments to shareholders, (ii) return of capital in
the form of share buybacks (i.e., a company’s repurchase of its own shares from the marketplace, which, in turn, reduces thenumber of outstanding shares for continuing shareholders or generates proceeds for existing shareholders), and (iii) paydownof a company’s debt (i.e., reducing a company’s outstanding debt). Cambria believes that, while any one of these measures ofa company’s cash flows, in isolation, is inadequate to determine the attractiveness of its equity securities, considered together
these measures have the potential to result in the construction of a portfolio of companies with higher potential for income andcapital appreciation.
No less frequently than on a quarterly basis, utilizing its own quantitative model, Cambria selects the top 20% of stocks in
the initial universe of U.S.-based, micro and small capitalization, publicly listed companies based on their shareholder yield,
as measured by dividend payments and net share buybacks. Cambria considers an issuer to be U.S.-based if it is domiciled,incorporated, or has substantial business activity in the United States and the primary equity security of such issuer is listed
on a major U.S. stock exchange.
Cambria’s quantitative algorithm then factors in the remaining stocks’ debt paydowns and applies a number of value metrics
to create a composite, including metrics such as, but not limited to, price-to-book (P/B) ratio, price-to-sales (P/S) ratio,
price-to-earnings (P/E) ratio, price-to-free cash-flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). The
quantitative model then selects between 100 and 300 stocks for inclusion in the Fund’s portfolio that exhibit, in the aggregate,
the best combination of shareholder yield characteristics and value metrics. The number of holdings in the Fund will be basedon a number of factors, including the asset size of the Fund and the number of companies that satisfy Cambria’s quantitative
measurements at any one time.
Although Cambria seeks to weight these stocks equally in the Fund’s portfolio, security weights may fluctuate in response tomarket conditions and investment opportunities that develop between the model’s quarterly calculations.
As of August 1, 2024, the Fund had significant investment exposure to companies in the consumer discretionary, energy,
financials, and industrials sectors; however, the Fund’s sector exposure may change from time to time.
Although the Fund employs a model-based investment approach based on Cambria’s proprietary, quantitative algorithm, theFund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available,
to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings at least quarterly
to meet the investment criteria and target allocations (e.g., security weights) established by the Fund’s quantitative algorithm,
but Cambria may adjust the Fund’s holdings more frequently in response to market events that develop between the model’squarterly calculations.

93Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks resulting
from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional, may adversely
impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of proprietary
information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized releaseof confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including Cambria, the sub-adviser,
the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of securities in which the Fund invests
may subject the Fund to many of the same risks associated with direct cyber security breaches.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.

94Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Micro Capitalization Company Risk. In addition to the risks associated with investing in small capitalization companies, set
forth below, micro capitalization companies are more vulnerable to adverse economic events and poor business conditions thanlarger, more established companies. The earnings and revenue of micro capitalization companies tend to be less predictable,
and their securities are generally less liquid and subject to greater and more unpredictable price changes.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tiedclosely to the performance of their local economy, the international economy, interest rates, competitive andconsumer confidence. Success depends heavily on disposable household income and consumer spending. Changes
in demographics and consumer tastes can also affect the demand for, and success of, consumer products in themarketplace.
Energy Sector Risk. The Energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Industrials Sector Risk. Issuers in the Industrials sector are affected by supply and demand, both for their specificproduct or service and for industrial sector products in general. The products of such issuers may face obsolescence
due to rapid technological developments and frequent new product introduction. Government regulations, world
events, economic conditions and exchange rates affect the performance of companies in the Industrials sector. Issuersin the Industrials sector may be adversely affected by liability for environmental damage, product liability claims
and exchange rates. The Industrials sector may also be adversely affected by changes or trends in commodity prices,which may be influenced by unpredictable factors.

95

Small Capitalization Company Risk. Investing in securities of small capitalization companies involves greater risk thancustomarily is associated with investing in larger, more established companies. These companies’ securities may be morevolatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

Performance
The Fund commenced operations on January 5, 2024, and therefore does not yet have performance history for a full calendar
year. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar
year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the
Fund’s average annual returns compare with a broad measure of market performance. As always, please note that the Fund’s
past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated
performance information will be available at www.cambriafunds.com.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund and have managed the Fund since its inception in January 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/myld.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

96

FUND SUMMARY
Cambria Tactical Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Acquired Fund Fees and Expenses**:�������������������������������������������������������������������������������������������������������������������������
Other Expenses***:�����������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses**:�����������������������������������������������������������������������������������������������������������������

0.59%
0.00%
0.01%
0.00%
0.60%

*  	Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).
** 	Based on estimated amounts for the current fiscal year. Total Annual Fund Operating Expenses may not correlate to
the expense ratios in the Fund’s financial highlights because the financial highlights reflect only the Fund’s operating
expenses and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by theFund through its investments in certain underlying investment companies.
*** Based on estimated amounts for the current fiscal year.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

$61

$192

97

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a
taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s
performance. For the fiscal period January 5, 2024 (commencement of operations) through April 30, 2024, the Fund’s portfolio
turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies
The Fund is actively managed using a model-based approach and seeks to achieve its investment objective by investing,under normal market conditions, at least 80% of its net assets, plus borrowings for investment purposes, in fixed income
securities, including individual bonds as well as exchange traded products and ETFs that invest primarily in bonds. Fixed
income securities include, but are not limited to, the following: U.S. government securities (securities issued or guaranteedby the U.S. government or its agencies or instrumentalities) such as Treasury bonds, Treasury notes and T-Bills; intermediate
term (i.e., two- to ten-year maturity), investment grade bonds traded in the United States that comprise the U.S. aggregatebond market; corporate bonds; high yield (or “junk”) bonds; residential and commercial mortgage-backed securities (“MBS”);
Treasury Inflation-Protected Securities (“TIPS”); and emerging market government bonds (i.e., sovereign debt). The Fundmay invest in fixed income securities of any duration or maturity.
Utilizing its own quantitative model, the Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the“Adviser”), generally selects fixed income securities for inclusion in the Fund’s portfolio tactically based on a comparison of
their current yield spreads (i.e., the difference in quoted rates of return on differing debt instruments) relative to T-Bills andtheir historical average yield spreads. Fixed income securities with varying maturities, credit ratings, and risks typically havedifferent yields. Some fixed income securities’ yields may be similar to the yields of T-Bills (narrow yield spreads), while otherfixed income securities may have yields that are larger than and more attractive relative to the yields of T-Bills (wide yieldspreads). Wider yield spreads, however, often indicate greater risks associated with those securities.
No less frequently than on a quarterly basis, the quantitative algorithm evaluates the current yield spreads of various categories
of fixed income securities relative to T-Bills and determines whether the current yield spreads are narrow or wide relative tohistoric averages. If a category of fixed income securities, e.g., corporate bonds, has a historically narrow yield spread relative
to T-Bills, the Fund will invest in T-Bills rather than corporate bonds because the lower rate of return does not sufficiently offset
the associated risks of corporate bonds. If, however, a category of fixed income securities, e.g., MBS, has a historically wide
yield spread relative to T-Bills, the Fund will invest in MBS rather than T-Bills because the higher rate of return helps offset
the additional risks associated with MBS. To the extent the quantitative model identifies historically wide yield spreads in any
fixed income security category, the model generally targets an allocation of between 10% and 20% of the Fund’s net assets tothat category of fixed income securities.
To the extent that all of the various categories of fixed income securities have historically narrow yield spreads relative
to T-Bills, the Fund may invest up to 100% of its portfolio in T-Bills, as market conditions warrant. However, if multiple
categories of the fixed income universe demonstrate historically wide yield spreads relative to T-Bills, which may include
significant downward pricing trends, the Fund may invest a significant portion of its assets in each of those applicable fixedincome security categories and may not allocate any assets to T-Bills. Accordingly, when spreads relative to T-Bills are wider
than historic averages for an individual category of fixed income security, the Fund typically moves its assets tactically into
these riskier bonds and sources of yield.
Although Cambria seeks to weight each of the categories of fixed income securities with wide yield spreads equally in the
Fund’s portfolio, security weights may fluctuate in response to market conditions and investment opportunities that develop
between the model’s quarterly calculations. Accordingly, the Fund generally targets an allocation of between 10% and 20% of
its net assets in each category of fixed income securities with wide historic yield spreads, based on the quantitative model’squarterly calculation, and the Fund invests the remainder of its assets in T-Bills.

98

To the extent that historic yield spreads are wide with respect to high yield bonds or emerging market government bonds,
Cambria expects to obtain exposure to these types of fixed income securities through investments in other exchange-tradedfunds (“ETFs”). The model may allocate up to 10% of the Fund’s net assets to ETFs. Accordingly, the Fund generally targets
an allocation of between 5% and 10% of the Fund’s net assets to these categories of fixed income securities when they havehistorically wide yield spreads.
In addition, to the extent that real estate investment trusts (“REITs”) have historically wide yield spreads relative to T-Bills, themodel may allocate up to 20% of its net assets in REITs.
Although the Fund employs a model-based investment approach based on Cambria’s proprietary, quantitative algorithm, theFund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available,
to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings at least quarterly
to meet the investment criteria and target allocations (e.g., security weights) established by the Fund’s quantitative algorithm.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized Participants, inwhole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund may pay out higher
annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In
addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by
the Fund and negatively impact Fund performance.
Corporate Bond Risk. Corporate bonds respond to economic developments, especially changes in interest rates, as well as
perceptions of the creditworthiness and business prospects of individual issuers.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additionalrisks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume andliquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations
on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer
protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors
against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices
that differ from U.S. markets and markets of more developed countries.

99

ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Cash Redemption Risk. The Fund’s investment strategy will require it to effect redemptions by Authorized
Participants, in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, the Fund
may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process
was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions, andthese added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and investmentcompanies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests.
In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As
a result, the Fund’s operating expenses may be higher and performance may be lower.
Fixed Income Risk. A decline in an issuer’s credit rating and/or financial condition may cause such issuer’s fixed income
securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest
rates, an issuer of a callable bond held by the Fund may “call” (or repay) the security before its stated maturity, and the Fund
may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income. The market value of a
fixed income security generally changes in response to changes in interest rates and may change quickly and without warningin response to issuer defaults and changes in issuer credit ratings.
High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to theincreased risk of an issuer’s inability to meet principal and interest payment obligations. High yield securities are subject to agreater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities
are traded may be less liquid and more volatile than the market for higher grade securities.
Inflation-Protected Security Risk. Inflation-protected securities, such as Treasury inflation-protected securities (TIPS),
provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise andincrease in value when real interest rates fall.
Interest Rate Risk. The market value of fixed income securities, and financial instruments related to fixed income securities,
will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely
to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Longer maturity100securities tend to be more sensitive to changes in interest rates and more volatile; and thus if the Fund has a longer portfolio
maturity, the Fund generally is subject to greater interest rate risk. Risks associated with rising interest rates are heightened
given the Federal Reserve’s recent increases in interest rates. To the extent that rates increase substantially and/or rapidly, theFund may be subject to significant losses.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the fixed income markets, and/or the adventof certain economic or political events, including global events such as war, acts of terrorism or a public health crisis, may
negatively affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policychanges by the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest
rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative
impact on certain Fund holdings.
Mortgage-Backed Securities Risk. Movements in interest rates (both increases and decreases) may quickly and significantly
reduce the value of certain types of MBS. In addition, MBS generally can be prepaid at any time, and prepayments that occur
either more quickly (prepayment risk) or more slowly (extension risk) than expected can adversely impact the value of suchsecurities. MBS may be negatively affected by the quality of the underlying mortgages, the credit quality of its issuer orguarantor, and the nature and structure of its credit support. MBS not backed by the full faith and credit of the U.S. government
are subject to the risk of default on the underlying mortgage, particularly during periods of economic downturn.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and select fixedincome securities, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third
parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected
before having an adverse impact on the Fund and its shareholders.
Real Estate Industry Risk. To the extent the Fund invests in REITs, the Fund is subject to the risks related to investments inreal estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases
in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or
tenants, environmental problems and natural disasters.
REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including
those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income andexemption from registration as an investment company. REITs are dependent upon specialized management skills and may
invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in
REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Underlying Vehicle, as
well as the Fund, will indirectly bear a proportionate share of those fees and expenses.
Sovereign Debt Securities Risk. Investments in sovereign debt obligations involve special risks not present in corporate
debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable orunwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During
periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s NAV, may be more volatile than pricesof U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations,withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign
debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

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U.S. Government Securities Risk. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Securities, such as those issued or guaranteed the U.S. Treasury, that are backed by the full faith and credit of the United States
are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for suchsecurities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States,
circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund.

Performance
The Fund commenced operations on January 5, 2024, and therefore does not yet have performance history for a full calendar
year. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar
year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the
Fund’s average annual returns compare with a broad measure of market performance. As always, please note that the Fund’s
past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated
performance information will be available at www.cambriafunds.com.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund and have managed the Fund since its inception in January 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/tyld.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

102

FUND SUMMARY
Cambria LargeCap Shareholder Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses**:�������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������

0.59%
0.00%
0.00%
0.59%

*  	Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).
** Based on estimated amounts for the current fiscal year.

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that theoperating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases
and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

$60

$189

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. Because the Fund had not commenced operations prior to the most recent fiscal year end, it does not havea portfolio turnover rate to provide.

103

Principal Investment Strategies
The Fund is actively managed using a model-based approach and seeks to achieve its investment objective by investing, undernormal market conditions, at least 80% of its net assets, plus borrowings for investment purposes, in equity securities, includingcommon stock, issued by U.S.-based large capitalization publicly listed companies that provide high “shareholder yield.” The
Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the “Adviser”), defines large capitalizationcompanies as companies having a market capitalization of at least $10 billion. Cambria defines “shareholder yield” as thetotality of returns realized by an investor from a company’s cash payments for dividends, buybacks and debt paydowns.
For purposes of this strategy, Cambria’s quantitative algorithm calculates a company’s shareholder yield by considering thefollowing characteristics: (i) dividend payments to shareholders, (ii) return of capital in the form of share buybacks (i.e., acompany’s repurchase of its own shares from the marketplace, which, in turn, reduces the number of outstanding shares forcontinuing shareholders or generates proceeds for existing shareholders), and (iii) paydown of a company’s debt (i.e., reducing
a company’s outstanding debt). Cambria believes that, while any one of these measures of a company’s cash flows, in isolation,is inadequate to determine the attractiveness of its equity securities, considered together these measures have the potential toresult in the construction of a portfolio of companies with higher potential for income and capital appreciation.
No less frequently than on a quarterly basis, utilizing its own quantitative model, Cambria selects the top 20% of stocks in theinitial universe of U.S.-based, large capitalization, publicly listed companies based on their shareholder yield, as measured by
dividend payments and net share buybacks. Cambria considers an issuer to be U.S.-based if it is domiciled, incorporated, or has
substantial business activity in the United States and the primary equity security of such issuer is listed on a major U.S. stock
exchange.
Cambria’s quantitative algorithm then factors in the remaining stocks’ debt paydowns and applies a number of value metrics
to create a composite, including metrics such as, but not limited to, price-to-book (P/B) ratio, price-to-sales (P/S) ratio,
price-to-earnings (P/E) ratio, price-to-free cash-flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). The
quantitative model then selects between 50 and 100 stocks for inclusion in the Fund’s portfolio that exhibit, in the aggregate,
the best combination of shareholder yield characteristics and value metrics. The number of holdings in the Fund will be basedon a number of factors, including the asset size of the Fund and the number of companies that satisfy Cambria’s quantitative
measurements at any one time.
Although Cambria seeks to weight these stocks equally in the Fund’s portfolio, security weights may fluctuate in response tomarket conditions and investment opportunities that develop between the model’s quarterly calculations.
As of August 1, 2024, the Fund had significant investment exposure to companies in the energy, consumer discretionary andfinancials sectors; however, the Fund’s sector exposure may change from time to time.
Although the Fund employs a model-based investment approach based on Cambria’s proprietary, quantitative algorithm, theFund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available,
to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings at least quarterly
to meet the investment criteria and target allocations (e.g., security weights) established by the Fund’s quantitative algorithm,
but Cambria may adjust the Fund’s holdings more frequently in response to market events that develop between the model’squarterly calculations.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Fund’s
Risks” and “Additional Non-Principal Risk Information.”104

Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and theunauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small
amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which varies over timefor Shares based on trading volume and market liquidity and is generally higher if Shares have little trading volume
and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid
trading market for them will develop or be maintained. In stressed market conditions, the liquidity of Shares may
begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid thanShares. In addition, trading in Shares on the Exchange may be halted.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.

105

Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular economic sector, the Fund may
be susceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tiedclosely to the performance of their local economy, the international economy, interest rates, competitive andconsumer confidence. Success depends heavily on disposable household income and consumer spending. Changes
in demographics and consumer tastes can also affect the demand for, and success of, consumer products in themarketplace.
Energy Sector Risk. The Energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

Performance
The Fund commenced operations on July 12, 2024, and therefore does not yet have performance history for a full calendar
year. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar
year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the
Fund’s average annual returns compare with a broad measure of market performance. As always, please note that the Fund’s
past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated
performance information will be available at www.cambriafunds.com.

106

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund and have managed the Fund since its inception in July 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at www.cambriafunds.com/lyld.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

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ADDITIONAL INFORMATION ABOUT THE FUNDS
Additional Information About The Funds’ Investment Strategies and Risks
Additional Information About the Funds’ Strategies
This Prospectus does not describe all of the Funds’ investment practices. For more information about other types of investments
a Fund may make, and about the risks of investing in each Fund, please see the Funds’ SAI, which is available upon request.
Each Fund’s investment objective is a non-fundamental investment policy and may be changed without shareholder approval
upon written notice to shareholders.
Cambria Global Value ETF, Cambria Value and Momentum ETF, Cambria Global Asset Allocation ETF and Cambria
Trinity ETF. The CAPE Shiller P/E ratio for a country’s equity market (typically represented by a broadly diversified index)
is derived by dividing the current market value of a country’s primary stock market index (e.g., S&P 500) by the average often years of earnings of index constituent companies (moving average), adjusted for inflation. As such, it is principally used
to assess likely future returns from equities over timescales of 10 to 20 years, with higher than average CAPE values implying
lower than average long-term annual average returns.
Cambria Trinity ETF. Under normal market conditions, the Cambria Trinity ETF invests at least 80% of its total assets inaffiliated and unaffiliated Underlying Vehicles that provide exposure to various (i) investment asset classes, including equity
and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend
investing. The Fund may change its 80% investment policy without shareholder approval upon written notice to shareholders.
The Adviser defines developed markets and emerging markets as described in the following table.
Developed

Austria 1
Japan 3
3
Australia
Luxembourg 1
Belgium 1
Netherlands 1
2
CanadaNew Zealand 3
1
Denmark
Norway 1
1Finland
Portugal 1
France 1
Singapore 3
1
GermanySouth Korea 3
1
GreeceSpain 1
3
Hong Kong
Sweden 1
Ireland 1
Switzerland 1
1IsraelUnited Kingdom 1
1
Italy
USA 2
1
EMEA = Europe, Middle East and Africa
2
AME = Americas

Emerging

Brazil 2
Chile 2China 3
Colombia 2
Czech Republic 1
Egypt 1
Hungary 1
India 3
Indonesia 3
Malaysia 33

Mexico 2
Morocco 1
Peru 2
Philippines 3
Poland 1
Russia 1
South Africa 1
Taiwan 3
Thailand 3
Turkey 1

APAC = Asia PacificTemporary Defensive Positions
To respond to adverse market, economic, political or other conditions, each of the Funds may invest 100% of its total assets,
without limitation, in high-quality debt securities and money market instruments. The Funds may be invested in these
instruments for extended periods, depending on Cambria’s assessment of market conditions. Debt securities and money market
instruments include shares of mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. government
securities, repurchase agreements and bonds that are BBB or higher. While a Fund is in a defensive position, the opportunity toachieve its investment objective will be limited. Furthermore, to the extent that a Fund invests in money market mutual funds,
it would bear its pro rata portion of such money market fund’s advisory fees and operational fees.
Additional Information About the Funds’ Non-Principal Investment Strategies
Cryptocurrency Investments (Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, and Cambria Trinity
ETF only). Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act
as a medium of exchange. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative108

asset and future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of a Fund’s indirect
investment in cryptocurrency and the ability to exchange a cryptocurrency or utilize it for payments. Although cryptocurrency
is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. The Funds
may seek investment exposure to bitcoin indirectly through investing up to 5% of its net assets in Grayscale Bitcoin Trust(“GBTC”), a privately offered investment vehicle that invests in bitcoin. GBTC is not registered as an investment company
under the Investment Company Act or regulated as a commodity pool under the Commodity Exchange Act. Consequently,
shareholders of GBTC do not have the regulatory protections afforded to investors under either regulatory scheme. Except forinvestment in GBTC, the Funds will not invest, directly or indirectly, in cryptocurrencies.
Additional Information About the Funds’ Risks
This section provides additional information about the risks of investing described under “Principal Risks” in the Fund
Summary for each of the Funds. The Funds’ principal risks are presented below in alphabetical order to facilitate investors’ability to find particular risks and compare them with the risks of other funds. Risk information may not be applicable to each
Fund. Please consult the Fund Summary of a Fund to determine which risks are applicable to that Fund.

Principal Risks
Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Cannabis Industry Risk. Cannabis Companies are subject to various laws and regulations that may differ at the local andfederal level. These laws and regulations may (i) significantly affect a Cannabis Company’s ability to secure financing,(ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production,
processing, transportation, sale, marketing and storage. Cannabis Companies may also be required to secure permits andauthorizations from government agencies to cultivate, process, transport, store, market, sell or research marijuana. In addition
to regulatory action, litigation initiated by private citizens or companies could have a negative impact on the financial and/or
operational status of cannabis-related companies. In addition, Cannabis Companies are subject to the risks associated withthe greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions,and laws and regulations related to environmental protection, health and safety. Cannabis Companies may also be subject torisks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation,
the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability
lawsuits, and the risk that research and development may not necessarily lead to commercially successful products. The Fund
only invests in publicly-traded Cannabis Companies primarily listed and traded on a national securities exchange that operates
in a jurisdiction where the Cannabis Companies’ cannabis-related business activities are legal under the national and local lawsof the relevant jurisdiction, including U.S. federal and state laws.
U.S. Regulation of Marijuana. Although the medical use of marijuana is legal in more than half of the states as wellas the District of Columbia and non-medical use of marijuana is legal in an increasing number of states and the Districtof Columbia, the possession and use of marijuana remains illegal under U.S. federal law. Marijuana is a Schedule I
controlled substance under the CSA, meaning that, under federal law, it has a high potential for abuse, has no currently“accepted medical use” in the United States, lacks accepted safety for use under medical supervision, and may not
be prescribed, marketed, used, or sold in the United States. Despite the fact that many states have legalized marijuana
to some degree, the CSA makes it a federal crime to manufacture, distribute, dispense and/or possess marijuana.
Actions by federal regulatory agencies, such as increased enforcement of federal marijuana laws and the prosecutionof nonviolent federal drug crimes by the DOJ, could produce a chilling effect on the industry’s growth and further
discourage banks from expanding their services to cannabis-related companies where such services are currently
limited, notwithstanding cannabis banking guidance provided by FINCEN. This conflict between the regulation of
marijuana under federal and state law creates volatility and risk for all Cannabis Companies doing business in the
U.S. In particular, the stepped up enforcement of marijuana laws by the federal government would adversely affectthe value of the Fund’s U.S. investments, if any, as well as the Fund’s future ability to invest in Cannabis Companies
primarily listed and traded on a U.S. national securities exchange and/or engaged in cannabis-related businesses in
the U.S.

109

Cannabis has not been approved for any medicinal use by the U.S. Food and Drug Administration (“FDA”). The agency has,
however, approved one cannabis-derived drug product and three synthetic THC drug products. Cannabis Companies thatengage in legal medical or pharmaceutical research or the legal production and distribution of the foregoing FDA-approved
drug products must be registered with the DEA to perform such activities and must comply with extensive and strict
DEA requirements related to, among other areas, security, control, recordkeeping, reporting and inventory management toprevent drug loss and diversion. Further, the DEA has no obligation to ever issue such registration to cannabis or marijuana
products. Such companies must also comply with FDA requirements, such as, but not limited to those relating to the
conduct of pre-clinical and clinical research, drug manufacturing, drug promotion, and drug distribution. Any failure tocomply with regulatory requirements may result in enforcement actions that may be costly, time consuming, or prevent
companies from operating. States may also have laws regulating cannabis, that are in addition to federal laws.
In addition, although the DOJ published a notice of proposed rulemaking with the Federal Register on May 21, 2024,
to initiate a formal rulemaking process to reconsider rescheduling marijuana under the CSA, until a final rule ispublished, cannabis remains a Schedule I controlled substance and is subject to the limitations of Section 280E of theCode. Section 280E applies by its terms to the purchase and sale of medical-use cannabis products and provides thatno deduction or credit is allowed for expenses incurred during a taxable year “in carrying on any trade or business if
such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled
substances (within the meaning of Schedules I and II of the [CSA]) which is prohibited by federal law or the law ofany state in which such trade or business is conducted.” The disallowance of such tax deductions will likely affect thevalue of cannabis-related companies.
U.S. Regulation of Hemp and Hemp-Derived CBD. “Hemp”, as defined in the Farm Bill, refers to cannabis plants
with a THC concentration of not more than 0.3% on a dry weight basis. The Farm Bill effectively removes hemp, its
extracts, derivatives, including hemp-derived cannabinoids such as CBD from the CSA’s list of controlled substances
and allows states to regulate its production, commerce, and research with approval from the USDA. However, it isunlawful under federal law to market a food or dietary supplement that contains CBD. CBD also may not be included
as an active ingredient in any over-the-counter drug product that is not the subject of an FDA-approved marketing
application. FDA has the authority to remove from the market any CBD product that does not comply with theagency’s requirements. Accordingly, companies selling food or dietary supplements containing CBD may face federal
enforcement action and would not be permitted to sell or market their products.
Moreover, while the Farm Bill removes hemp and hemp-derived products from the controlled substances list under the
CSA, it does not legalize CBD in every circumstance. CBD, depending on the source from which it was derived, canstill be classified as a Schedule I substance under the CSA’s definition of marijuana. The exception for CBD from thedefinition of “marijuana” only applies if the CBD is derived from “hemp”. For example, DEA has taken the position thatsynthetic CBD remains a Schedule I controlled substance. U.S. federal law also requires that: (i) the hemp is produced
by a licensed producer; and (ii) in a manner consistent with the applicable federal and state regulations. CBD and othercannabinoids produced from marijuana as defined by the CSA remain an illegal Schedule I substance under federal law.
In addition, many state laws include all CBD within definitions of marijuana and some states have policies or laws that
otherwise prohibit or restrict CBD sales. States may also have laws regulating hemp, that are in addition to federal laws.
Non-U.S. Regulation of Marijuana. Laws and regulations related to the possession, use (medical or recreational),
sale, transport and cultivation of marijuana vary throughout the world. These laws and regulations are subject to change
and may have a significant impact on the operations of a Cannabis Company. Such operations may be legal undercurrent law, but may be illegal in the future if the applicable law changes to prohibit marijuana-related activities vitalto the company’s business. In Canada, the Cannabis Act, along with the related provincial and territorial legislation
regulating adult use, distribution and sales, came into force on October 17, 2018 and implemented a legal framework
in Canada for the production, distribution, sale, and possession of both medical cannabis and adult use marijuana.
However, there can be no assurance that Canadian federal, provincial, or territorial laws regulating cannabis will not
be repealed or overturned or that governmental authorities will not limit the application of such laws within theirrespective jurisdictions. If governmental authorities begin to enforce certain laws relating to cannabis in jurisdictions
where the sale and use of cannabis is currently legal or regulated, or if existing laws are repealed or curtailed, theFund’s investments may be materially and adversely affected notwithstanding.
Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility thaninvestments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future
market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings. The commodities

110markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices are outside of theFund’s control and may not be anticipated. Price movements may be influenced by, among other things: governmental,
agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions;market liquidity; weather and climate conditions; changing supply and demand relationships and levels of domestic production
and imported commodities; the availability of local, intrastate and interstate transportation systems; energy conservation;
the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates
of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic andforeign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic andforeign governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental
expropriation; investment and trading activities of investment companies, hedge funds and commodities funds; and changes inphilosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.
Concentration Risk. The Cambria Global Real Estate ETF’s investments are concentrated in real estate-related industries, andthe Fund may be susceptible to loss due to adverse occurrences affecting these industries.
Counterparty Risk. The Fund may engage in investment transactions or other contracts with third parties (i.e., “counterparties”),
including total return swaps. The Fund bears the risk that the counterparty to these contracts becomes bankrupt, defaults on its
obligations or otherwise fails to honor its obligations. The Fund may experience significant delays in obtaining any recovery ina bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery
in these circumstances. If a counterparty defaults on its payment obligations, the Fund will lose money and the value of aninvestment in Fund Shares may decrease.
Corporate Bond Risk. Corporate bonds respond to economic developments, especially changes in interest rates, as well as
perceptions of the creditworthiness and business prospects of individual issuers.
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be
unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affectthe U.S. dollar value of the Fund’s investments, including foreign securities, ex-U.S. sovereign bonds, options related to global
ex-U.S. equity securities, forward contracts, money market instruments or other high quality debt securities, or investmentcompanies that invest in those instruments. To the extent that a foreign government moves to devalue a currency to which theFund has exposure, such action could cause the Fund to lose money.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional, may
adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss ofproprietary information, theft or corruption of data maintained online or digitally, denial-of-service attacks on websites or
network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party
service providers, including Cambria, the sub-adviser, the custodian, and the transfer agent, may subject the Fund to many of
the same risks associated with direct cyber security breaches and adversely impact the Fund. For instance, cyber-attacks may
impact the Fund’s ability to calculate its NAV, cause the release of confidential business information, impede trading, cause
the Fund to incur additional compliance costs associated with corrective measures, subject the Fund to regulatory fines orother financial losses, and/or cause reputational damage to the Fund. Cyber security breaches of market makers, Authorized
Participants, or the issuers of securities in which the Fund invests could also have material adverse consequences on the Fund’sbusiness operations and cause financial losses for the Fund and its shareholders. While the Fund and its service providers
have established business continuity plans and risk management systems designed to address cyber security risks, prevent
cyber-attacks and mitigate the impact of cyber security breaches, there are inherent limitations on such plans and systems. In
addition, the Fund has no control over the cyber security protections put in place by its service providers or any other third
parties whose operations may affect the Fund or its shareholders.
Depositary Receipts Risk. The Fund’s investments in foreign companies may be in the form of depositary receipts or othersecurities convertible into securities of foreign issuers, including American Depositary Receipts (“ADRs”), European Depositary
Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). ADRs, EDRs, and GDRs are generally subject to the risks ofinvesting directly in foreign securities and, in some cases, there may be less information available about the underlying issuers
than would be the case with a direct investment in the foreign issuer. ADRs are U.S. dollar-denominated receipts representing
shares of foreign-based corporations. GDRs are similar to ADRs but are shares of foreign-based corporations generally issued
by international banks in one or more markets around the world. Investment in ADRs and GDRs may be less liquid than the111

underlying shares in their primary trading market and GDRs, many of which are issued by companies in emerging markets, may
be more volatile. Depositary receipts may be “sponsored” or “unsponsored” and may be unregistered and unlisted. Sponsoreddepositary receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored depositary receipts
may be established by a depositary without participation by the underlying issuer. Holders of an unsponsored depositary receipt
generally bear all the costs associated with establishing the unsponsored depositary receipt. In addition, the issuers of the
securities underlying unsponsored depositary receipts are not obligated to disclose material information in the United Statesand, therefore, there may be less information available regarding such issuers and there may not be a correlation between suchinformation and the market value of the depositary receipts. The Fund’s investments may also include ADRs and GDRs thatare not purchased in the public markets and are restricted securities that can be offered and sold only to “qualified institutionalbuyers” under Rule 144A of the Securities Act of 1933, as amended. Cambria will determine the liquidity of these investments
pursuant to guidelines established by the Funds’ Board of Trustees (the “Board”). If a particular investment in such ADRs or
GDRs is deemed illiquid, that investment will be included within the Fund’s limitation on investment in illiquid securities.
Moreover, if adverse market conditions were to develop during the period between the Fund’s decision to sell these types of
ADRs or GDRs and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price lessfavorable than the price that prevailed when it decided to sell.
Derivatives Risk. Derivatives are financial instruments that have a value which depends upon, or is derived from, a reference
asset, such as one or more underlying securities, pools of securities, indexes, rates or currencies. Derivatives may result ininvestment exposures that are greater than their cost would suggest; in other words, a small investment in a derivative may
have a large impact on Fund performance. The successful use of derivatives generally depends on the ability to predict market
movements. The use of these instruments requires special skills and knowledge of investment techniques that are different
than those normally required for purchasing and selling securities. If the Adviser uses a derivative instrument at the wrong
time or judges market conditions incorrectly, or if the derivative instrument does not perform as expected, these strategies may
significantly reduce the Fund’s return. The Fund could also experience losses if it is unable to close out a position because themarket for an instrument or position is or becomes illiquid.
Derivatives, including swaps, options, futures and forward currency contracts, are subject to a number of risks, some of which
are described elsewhere in this Prospectus. The use of derivatives may entail risks greater than, or possibly different from,such risks to which the Fund is exposed. Certain of the different risks to which the Fund might be exposed due to the use ofderivatives include the following:•

Correlation Risk is the risk that derivative instruments may be mispriced or improperly valued and that changes in thevalue of the derivatives may not correlate perfectly with the underlying asset or security.

•

Hedging Risk is the risk that derivative instruments used to hedge against an opposite position may offset losses, butthey also may offset gains.

•

Volatility Risk is the risk that, because some derivatives involve economic leverage, this economic leverage will
increase the volatility of the derivative instruments, as they may increase or decrease in value more quickly than theunderlying currency, security, interest rate or other economic variable.

Regulatory developments may limit the availability of certain derivatives, may make the use of derivatives by the Fund morecostly, and may otherwise adversely impact the performance and value of derivatives. Regulatory developments also maychange the way in which the Fund itself is regulated. Such developments may affect the Fund’s ability to invest or the extent
to which it may invest in certain derivatives and subject the Fund to additional regulatory requirements. Complying with new
requirements may increase the cost of the Fund’s investments and the cost of implementing the Fund’s investment program andrelated operations, which could adversely affect the Fund’s performance.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of andcapital resources available to companies owned by the Fund that have historically paid a dividend may adversely impact
the Fund’s yield if these companies reduce or discontinue their dividends. Lower priced securities in the Fund may be more
susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.

112

Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide
exposure to these securities or markets, can involve additional risks relating to political, economic, or regulatory conditions
not associated with investments in U.S. securities and instruments or investments in more developed international markets. For
example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume and liquidity;
greater social, political and economic uncertainty; governmental controls on foreign investments and limitations on repatriationof invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer protections ofproperty rights; fewer investor rights and limited legal, contractual or practical remedies available to investors against emerging
market companies; restrictions on the transfer of securities or currency; and settlement and trading practices that differ from
U.S. markets and markets of more developed countries. Each of these factors may impact the ability of the Fund to buy, sell orotherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments. Different types of equity securities tend to go
through cycles of outperformance and underperformance in comparison to the general securities markets. In addition, securities
may decline in value due to factors affecting a specific issuer, market or securities markets generally. Recent unprecedented
turbulence in financial markets, reduced liquidity in credit and fixed income markets, or rising interest rates may negatively
affect many issuers worldwide, which may have an adverse effect on the Fund.
ETF Structure Risk. Each Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. Each Fund has a limited
number of financial institutions that may act as Authorized Participants. To the extent they cannot or are otherwise
unwilling to engage in creation and redemption transactions with the Fund and no other Authorized Participant steps
in, Shares may trade like closed-end fund shares at a significant discount to net asset value and may face delistingfrom the Exchange. In addition, there may be a limited number of market makers and/or liquidity providers in themarketplace. To the extent market makers and/or liquidity providers exit the business or significantly reduce theirbusiness activities and no other entities step forward to perform their functions, Shares may trade at a material
discount to net asset value and face delisting.
Cash Redemption Risk. A Fund’s investment strategy may require it to effect redemptions by Authorized Participants,
in whole or in part, for the cash value of large blocks of Shares called Creation Units. As a result, such Fund may berequired to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. This may
cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it
had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such acash payment than if the in-kind redemption process was used exclusively (i.e., securities are distributed as paymentof redemption proceeds). In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions
and these added costs may be borne by the Fund and negatively impact Fund performance.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The NAV of the Fund
will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of Shares, however,will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shareson the Exchange. The trading price of Shares may deviate significantly from NAV during periods of market volatility.
In particular, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares. Cambria cannot predict whether Shares willtrade below, at, or above their NAV. Price differences may be due, in large part, to the fact that supply and demand
forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the sameforces influencing the prices of the securities held by the Fund. However, given that Shares can be purchased andredeemed in large blocks of Shares, called Creation Units (unlike shares of closed-end funds, which frequently trade
at appreciable discounts from, and sometimes at premiums to, their NAV), and the Fund’s portfolio holdings are fully
disclosed on a daily basis, Cambria believes that large discounts or premiums to the NAV of Shares should not besustained, but that may not be the case.

113Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market will generally pay
brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions
are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small
amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which varies over timefor Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume
and market liquidity and higher if Shares have little trading volume and market liquidity. Further, increased market
volatility may cause increased bid/ask spreads.
Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market forthem will develop or be maintained. In stressed market conditions, the liquidity of Shares may begin to mirror theliquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. In addition,
trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the
Exchange, make trading in Shares inadvisable. Further, trading in Shares on the Exchange is subject to trading halts
caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance
that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or willremain unchanged.
Exchange-Traded Funds, Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities
of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the ETF, ETP or
investment company invests. When the Fund invests in these securities, shareholders of the Fund bear their proportionate shareof the fees and expenses of the ETF, ETP or other investment company, as well as their share of the Fund’s fees and expenses.
As a result, an investment by the Fund in an ETF, ETP or investment company could cause the Fund’s operating expenses tobe higher and performance to be lower.
Through its investments in investment companies, the Fund may be indirectly exposed to additional risks. Derivatives used byinvestment companies in which the Fund may invest may cause them to become leveraged, allowing them to obtain the rightto a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify
losses. Although certain investment companies may comply with an outer limit on the Fund’s investments in derivatives basedon the Fund’s value-at-risk, this will not prevent losses of amounts in excess of the Fund’s obligations under the derivatives
contracts. Other investment companies may not employ any risk management procedures at all, leading to even greater losses.
Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes
the Fund to the risk that an ETN’s issuer may be unable to pay. As a result, the value of the ETN may decline, including to zero.
In addition, as with investments in other ETPs, ETFs and investment companies, the Fund will bear its proportionate share of
the fees and expenses of the ETN, which may cause the Fund’s operating expenses to be higher and its performance to be lower
than it would if it invested directly in the securities of the index or other reference assets of the ETN.
Fixed Income Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default, become
unable to pay interest or principal due or otherwise fail to honor its obligations, or cause such issuer to be perceived (whether
by market participants, rating agencies, pricing services or otherwise) as being in such situations. A decline in an issuer’s credit
rating may cause a decrease in the value of the security and an increase in investment risk and price volatility. During periods offalling interest rates, an issuer of a callable bond held by the Fund may “call” (or repay) the security before its stated maturity, andthe Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income. The market valueof fixed income securities, and financial instruments related to fixed income securities, generally changes in response to changes
in interest rates and may change in response to other factors, such as perception of an issuer’s creditworthiness. As interest rates
rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income
securities is likely to increase. While securities with longer maturities tend to produce higher yields, the prices of longer maturity
securities tend to be more sensitive to changes in interest rates and thus subject to greater volatility than securities with shorter
maturities. A fund with a longer portfolio maturity generally is subject to greater interest rate risk. Changes in interest rates may
also have an impact on equity markets. Risks associated with rising interest rates remain heightened given the Federal Reserve’s
recent interest rate hikes, which may have signaled an end to the recent historically low interest rate environment. To the extent
that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.
Credit Risk. The financial condition of an issuer of a debt security or other issuer may cause it to default or become
unable to pay interest or principal due on the security. The Fund cannot collect interest and principal payments on asecurity if the issuer defaults. Recent events in the financial sector have resulted in increased concerns about credit

114risk and exposure. Well-known financial institutions have experienced significant liquidity and other problems andhave defaulted on their debt. The degree of credit risk for a particular debt security or other issuer may be reflected
in its credit rating. A credit rating is a measure of a bond issuer’s ability to make timely payments of interest andprincipal. Rating agencies (such as Moody’s, S&P, or Fitch) assign letter designations typically ranging from AAA
to A- (lower default risk) through CCC to C (higher default risk) or D (in default). A credit rating of BBB- or higher
generally is considered “investment grade.” Credit ratings are subjective, do not remove market risk, and represent
the opinions of the rating agencies as to the quality of the securities they rate. Credit ratings can change quickly andmay not accurately reflect the risk of an issuer. Generally, investment risk and price volatility increase as the credit
rating of a security declines. The value of securities of smaller, less well-known issuers can be more volatile thanthat of larger issuers. The value of an investment in the Fund may change quickly and without warning in response
to issuer defaults, changes in the credit ratings of the Fund’s portfolio investments and/or perceptions related thereto.
Foreign Investment Risk. The Fund may invest in foreign securities, including non-U.S. dollar-denominated securities tradedoutside of the United States and U.S. dollar-denominated securities of foreign issuers traded in the United States. Returns on
investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments
in foreign securities, including investments in depositary receipts, are subject to special risks, including the following:
Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present withinvestments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due toforeign currency fluctuations or to political or economic instability. There may be less information publicly available
about non-U.S. issuers. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting andinvestor protection standards. Changes to the financial condition or credit rating of foreign issuers may also adversely
affect the value of the Fund’s securities. Investments in non-U.S. securities may be subject to withholding or othertaxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems
differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in certain countries.
Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in
the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell Shares. Conversely,
Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher
costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of
additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile andpotentially less liquid than other types of investments.
Capital Controls Risk. Economic conditions, such as volatile currency exchange rates and interest rates, politicalevents and other conditions may, without prior warning, lead to government intervention and the imposition of “capital
controls” or expropriation or nationalization of assets. The possible establishment of exchange controls or freezes on
the convertibility of currency, or the adoption of other governmental restrictions, might adversely affect an investment
in foreign securities. Capital controls include the prohibition of, or restrictions on, the ability to transfer currency,
securities or other assets within or out of a jurisdiction. Levies may be placed on profits repatriated by foreign entities(such as the Fund). Capital controls may impact the ability of the Fund to buy, sell or otherwise transfer securities orcurrency, may adversely affect the trading market and price for Shares, and may cause the Fund to decline in value.
Currency Risk. The Fund’s net asset value is determined on the basis of U.S. dollars; therefore, the Fund may lose
value if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency valueof the Fund’s holdings goes up. Currency exchange rates may fluctuate significantly over short periods of time.
Currency exchange rates also can be affected unpredictably by intervention; by failure to intervene by U.S. or foreign
governments or central banks; or by currency controls or political developments in the U.S. or abroad. Changes
in foreign currency exchange rates may affect the NAV of the Fund and the price of the Shares. Devaluation ofa currency by a country’s government or banking authority would have a significant impact on the value of any
investments denominated in that currency.
Political and Economic Risk. The Fund is subject to foreign political and economic risk not associated with
U.S. investments, meaning that political events (civil unrest, national elections, changes in political conditions andforeign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor
strikes, rising inflation) and natural disasters occurring in a foreign country could cause the Fund’s investments toexperience gains or losses. The Fund also could be unable to enforce its ownership rights or pursue legal remedies incountries where it invests.

115Foreign Market and Trading Risk. The trading markets for many foreign securities are not as active as U.S. markets
and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement
procedures that make it difficult for the Fund to buy and sell securities. The procedures and rules governing foreigntransactions and custody (holding of the Fund’s assets) also may involve delays in payment, delivery or recovery ofmoney or investments. These factors could result in a loss to the Fund by causing the Fund to be unable to disposeof an investment or to miss an attractive investment opportunity, or by causing Fund assets to be uninvested for someperiod of time.
Forward Currency Contracts Risk. Forward currency contracts and other currency management strategies may substantiallychange the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform
as Cambria expects. The Fund may be required to buy or sell additional currency on the spot market (and bear the expenseof such transaction) if Cambria’s predictions regarding the movement of foreign currency prove inaccurate. In addition, theuse of forward currency contracts subjects the Fund to counterparty risk and leveraging risk, as discussed in this Prospectus.
Forward contracts require collateralization, and the commitment of a large portion of the Fund’s assets as collateral could
impede portfolio management.
Futures Contracts Risk. Futures contracts are a type of derivative investment. A derivative refers to any financial instrument
whose value is derived, at least, in part, from the price of another security or a specified index, asset or rate. The use ofderivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional
securities. Derivatives can be highly complex and their use within a management strategy can require specialized skills.
Futures contracts may experience dramatic price changes (losses) and imperfect correlations between the price of the contract
and the foreign currency, which will increase the volatility of the Fund and may involve a small investment of cash (the amountof initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price ofthe futures contract). There may not be a liquid secondary market for a futures contract. When the Fund purchases or sells afutures contract, it is subject to daily variation margin calls that could be substantial. If the Fund has insufficient cash to meet
daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.
Geographic Investment Risk. To the extent that the Fund invests a significant portion of its assets in the securities of companiesof a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For
example, economic and political conditions and changes in tax, regulatory, or economic policy in a country could significantly
affect the market in that country and in surrounding or related countries and have a negative impact on the Fund’s performance.
Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to theAsia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries
have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed
conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies
in this region are dependent on a range of commodities, and are strongly affected by international commodity prices
and particularly vulnerable to price changes for these products. The market for securities in this region may also be
directly influenced by the flow of international capital, and by the economic and market conditions of neighboring
countries. Many Asia-Pacific economies have experienced rapid growth and industrialization, and there is no
assurance that this growth rate will be maintained. Some Asia-Pacific economies are highly dependent on trade andeconomic conditions in other countries can impact these economies.
Canada Risk. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is
Canada’s largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the
demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest
products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly,
a change in the supply and demand of these resources, both in Canada and worldwide, can have a significant effecton Canadian market performance. Canada is a top producer of zinc and uranium and a global source of many othernatural resources, such as gold, nickel, aluminum, and lead. Conditions that weaken demand for such products
worldwide could have a negative impact on the Canadian economy as a whole. These and other factors could have anegative impact on the Fund and its investments in Canada.
China Risk. Investments in China involve risks closely tied to the social, political, and economic conditions
within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese
goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs.

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The Chinese economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility,and pricing anomalies that may be connected to governmental influence, a lack of public information and/or socialand political instability. The government of China maintains strict currency controls in order to achieve economic,
trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays amajor role in the country’s economic policies regarding foreign investments. Foreign investors are subject to the riskof loss from expropriation or nationalization of their investment assets and property, governmental restrictions on
foreign investments and the repatriation of capital invested.
Europe Risk. The Economic and Monetary Union of the European Union (the “EU”) requires compliance withrestrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which
may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU
regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member
country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse
effect on the economies of EU member countries and their trading partners. The European financial markets haverecently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government
debt levels in several European countries, including Greece, Italy, Portugal and Spain. These events have adversely
affected the exchange rate of the euro and may continue to significantly affect every country in Europe, including
countries that do not use the euro.
An investment in issuers located or operating in Eastern Europe may subject the Fund to legal, regulatory, political,
currency, security and economic risks specific to Eastern Europe. Economies of certain Eastern European countries
rely heavily on the export of commodities, including oil, gas, and certain metals. As a result, such economies
may be impacted by international commodity prices and are particularly vulnerable to global demand for theseproducts. Geopolitical events, acts of terrorism, and other instability in certain Eastern European countries may
cause uncertainty in their financial markets and adversely affect the performance of the issuers to which the Fund has
exposure. The securities markets in some Eastern European countries are substantially smaller and less developed,with less government supervision and regulation of stock exchanges, and may be less liquid and more volatile thansecurities markets in the United States or Western European countries.
Other risks related to investing in securities of issuers located or operating in Eastern Europe include: delays intransaction settlements, the risk of relying on foreign sub-custodians, the risk that ownership of the Fund’s securities
may become disputed, the absence of legal structures governing private and foreign investments and private property;
the possibility of the loss of all or a substantial portion of the Fund’s assets invested in issuers located or operatingin Eastern Europe as a result of expropriation; and certain national policies which may restrict the Fund’s investment
opportunities, including, without limitation, restrictions on investing in issuers or industries deemed sensitive torelevant national interests.
On January 31, 2020, the United Kingdom (“UK”) formally withdrew from the EU, subject to a transition periodthat ended on December 31, 2020. The uncertainty associated with the Brexit process as well as the consequencesthat follow from its outcome could (i) adversely affect European or worldwide political, regulatory, economic, ormarket conditions, (ii) contribute to instability in global political institutions, regulatory agencies, and financial
markets, and (iii) impact the volatility of exchange rates and interest rates. Brexit could also lead to legal uncertainty
and politically divergent national laws and regulations as a new relationship between the UK and EU is defined andthe UK determines which EU laws to replace or replicate. Any of these effects of Brexit could adversely affect any of
the companies to which the Fund has exposure and any other assets in which the Fund invests. The impact of Brexit
in the near- and long-term is still unknown and could have additional adverse effects on economies, financial markets
and asset valuations around the world.
In February 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current politicaland financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk ofinvesting in securities in these countries and may also cause uncertainty for the global economy and broader financial
markets. The ultimate fallout and long-term impact from these events are not known.
Japan Risk. The economy of Japan is heavily dependent on international trade, government support, and consistent
government policy supporting its export market. Slowdowns in the economies of key trading partners such as theUnited States, China and countries in Southeast Asia could have a negative impact on the Japanese economy as awhole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export market.
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Latin America Risk. The economies of Latin American countries have in the past experienced considerable
difficulties, including high inflation rates, high interest rates, high unemployment, government overspending andpolitical instability. International economic conditions, particularly those in the United States, Europe and Asia, as
well as world prices for oil and other commodities may also influence the development of Latin American economies.
Many Latin American countries are highly reliant on the exportation of commodities and their economies may besignificantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In the past,certain Latin American economies have been influenced by changing supply and demand for a particular currency,
monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets
and limitations on foreign investment in a country or on investment by residents of a country in other countries),and currency devaluations and revaluations. Other Latin American investment risks may include inadequate investor
protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or
regulations, natural disasters, corruption and military activity. The governments of many Latin American countries
may also exercise substantial influence over many aspects of the private sector, and any such exercise could have asignificant effect on companies in which the Fund invests. Securities of companies in Latin America may also be
subject to significant price volatility.
South Africa Risk. Although South Africa is a developing country with a solid economic infrastructure, certain issues,
such as access to health care, unemployment, limited economic opportunity, and other financial constraints, continue
to present obstacles to full economic development. Disparities of wealth, the pace and success of democratization andcapital market development and religious and racial disaffection have also led to social and political unrest. Further,
South Africa’s currency may be vulnerable to significant fluctuations and devaluation. There can be no assurance that
initiatives by the South African government to address these issues will achieve the desired results. South Africa’s
economy is heavily dependent on natural resources and commodity prices.
South Korea Risk. The Fund is susceptible to adverse market, political, regulatory and geographic events affecting
South Korea. The South Korean economy is dependent on trading exports and on the economies of other Asian
countries, especially China and Southeast Asia, and the United States as key trading partners. Disruptions in tradeactivity, reductions in spending by these economies on South Korean products and services or negative changes in anyof these economies may have an adverse impact on the South Korean economy. Furthermore, South Korea’s economy
may be significantly affected by currency fluctuations and increasing competition from Asia’s low-cost emerging
economies. Finally, South Korea’s economic growth potential has recently been on a decline due to, among otherfactors, a rapidly aging population and structural problems.
Substantial tensions with North Korea could escalate and lead to further uncertainty in the political and economic
climate of South Korea. North and South Korea each have substantial military capabilities, and historical tensions
between the two present the ongoing risk of war. Any outbreak of hostilities between the two countries, or even thethreat of an outbreak of hostilities, may have a severe adverse effect on the South Korean economy.
Taiwan Risk. The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition
from Asia’s other emerge economies, and conditions that weaken demand for Taiwan’s export products worldwide
could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan’s history of politicalcontention and its current relationship with China may also have a significant impact on the economy of Taiwan.
Hedging Risk. Options used by the Fund to reduce volatility may not perform as intended. There can be no assurance that theFund’s option strategy will be effective. It may expose the Fund to losses, e.g., option premiums, to which it would not haveotherwise been exposed if it only invested in stocks. Further, the option strategy may not fully protect the Fund against declines
in the value of its portfolio securities.
High Yield Securities Risk. Securities that are high yield, commonly referred to as “junk bonds,” are regarded as inherently
speculative with respect to the capacity to pay interest and repay principal. High yield securities are subject to a greater risk ofdefault and investments in them are inherently speculative. High yield securities may be more susceptible to real or perceived
adverse economic and competitive industry conditions than higher grade securities. The prices of high yield securities havebeen found to be less sensitive to interest rate changes than are more highly rated investments, but more sensitive to adverse
economic downturns or individual corporate developments. Yields on high yield securities will fluctuate. If the issuer of highyield securities defaults, the Fund may incur additional expenses to seek recovery. The secondary markets in which high yieldsecurities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading118

markets could adversely affect the price at which the Fund could sell a particular high yield security when necessary to meetliquidity needs or in response to a specific economic event, such as a deterioration in the creditworthiness of the issuer.
Adverse publicity and investor perceptions may decrease the values and liquidity of high yield securities.
Inflation-Protected Security Risk. Inflation-protected securities, such as Treasury inflation-protected securities (TIPS),
provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise andincrease in value when real interest rates fall.
Interest Rate Risk. The market value of fixed income securities, and financial instruments related to fixed income securities,
will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely
to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Longer maturity
securities tend to be more sensitive to changes in interest rates and more volatile; and thus an Underlying Vehicle with a longer
portfolio maturity generally is subject to greater interest rate risk. Risks associated with rising interest rates are heightened
given the Federal Reserve’s recent increases in interest rates. To the extent that rates increase substantially and/or rapidly, an
Underlying Vehicle investing in fixed incomes securities, and the Fund, may be subject to significant losses.
International Closed-Market Trading Risk. Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may begreater than those experienced by other ETFs.
Investment Risk. As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could
lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. An
investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency.
Large Capitalization Company Risk. Investments in large capitalization companies may go in and out of favor based onmarket and economic conditions and may underperform other market segments. Some large capitalization companies may beunable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not beable to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks ofsmall and mid-capitalization companies.
Leveraging Risk. The Fund’s use of derivatives and other investment strategies may result in leverage. Leverage creates
investment exposure to gains and losses in excess of the amounts invested by the Fund. The Fund will identify liquid assets
on its books or otherwise cover transactions that may give rise to leverage to the extent required by applicable law. The Fund
may have to liquidate assets to meet to satisfy obligations or coverage requirements that arise because of the use of leverage.
Leverage could cause the Fund to be more volatile, resulting in larger gains or losses in response to changes in the values towhich the Fund has leveraged exposure than if the Fund had made direct investments. Use of leverage involves special risks
and is highly speculative. Leverage will magnify any losses, and such losses may be significant.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. The Fund may invest in fixedincome securities, derivatives, and/or other instruments that may be less liquid than other types of investments. The securities
and other instruments in which the Fund invests may not always be liquid. This could have a negative effect on the Fund’sability to achieve its investment objective and may result in losses to Fund shareholders.
Derivatives. In certain circumstances, such as the disruption of the orderly markets for the securities in which theFund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent
true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be
disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation,or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial
institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may
prevent the Fund from limiting losses or realizing gains.
Fixed Income Securities. A significant, rapid rise in interest rates may result in a period of volatility and increased
redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times
or prices.
119Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments on aperiodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guarantee that thesestrategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management techniquesor that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fund investments will becorrect or produce the desired results even if the Adviser’s overall investment strategies and processes are otherwise effective.
Further, there is no guarantee that the Fund will achieve its investment objective or outperform other investment strategies overthe short- or long-term market cycles. If the Adviser fails to accurately evaluate market risk or appropriately react to current anddeveloping market conditions, the Fund’s share price may be adversely affected. Securities selected by Cambria may not perform
as expected. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in equity, credit and fixed-income markets, and/or
the advent of certain economic or political events, including global events such as war, acts of terrorism or a public health crisis,
may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policychanges by the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates,
could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact
on certain Fund holdings. To the extent the Fund experiences high redemptions because of these policy changes, the Fund may
experience increased portfolio turnover, which will increase the costs that the Fund incurs and may lower the Fund’s performance.
Micro Capitalization Company Risk. In addition to the risks associated with investing in small and medium capitalizationcompanies, set forth below, micro capitalization companies are more vulnerable to adverse economic events and poor businessconditions than larger, more established companies. The earnings and revenue of micro capitalization companies tend to be lesspredictable, and their securities are generally less liquid and subject to greater and more unpredictable price changes. Further,micro capitalization companies often have smaller markets for their products and/or services, less managerial experience andmore limited financial resources than larger, more established companies.
Momentum Investing Risk. The Fund employs a “momentum” style of investing that emphasizes investing in securities thathave had higher recent price performance compared to other securities. This style of investing is subject to the risk that thesesecurities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously
exhibited price momentum are less than returns on other styles of investing or the overall stock market. High momentum may
also be a sign that the securities’ prices have peaked. Momentum can turn quickly and cause significant variation from othertypes of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently
than predicted.
Mortgage-Backed Securities Risk. Movements in interest rates (both increases and decreases) may quickly and significantly
reduce the value of certain types of MBS. Rising interest rates, for example, tend to extend the duration of fixed-rate MBS. As
a result, a rising interest rate environment can cause the prices of MBS to be increasingly volatile and increase the risk thatpayments on principal may occur more quickly or earlier than expected, each of which may adversely affect the Fund’s
holdings of MBS. Rising interest rates generally result in a decline in the value of MBS. In addition, MBS generally can beprepaid at any time, and prepayments that occur either more quickly (prepayment risk) or more slowly (extension risk) than
expected can adversely impact the value of such securities. MBS are particularly sensitive to prepayment risk, given that theterm to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. MBS may be
negatively affected by the quality of the underlying mortgages, the credit quality of its issuer or guarantor, and the nature andstructure of its credit support. MBS not backed by the full faith and credit of the U.S. government are subject to the risk ofdefault on the underlying mortgage, particularly during periods of economic downturn. In addition, in general, a decline of
housing values and other economic developments, such as a rise in unemployment rates or a slowdown in the overall economy,
may cause delinquencies or non-payment in mortgages, particularly sub-prime and non-prime mortgages, underlying MBS,
which would likely adversely impact the ability of the issuer to make principal and/or interest payments timely or at all toholders of the MBS and negatively affect the Fund’s investments in such securities.
Options Risk. Options are subject to correlation risk because there may be an imperfect correlation between the prices of
options and movements in the price of the underlying securities. Options may expire unexercised, causing the Fund to lose thepremium paid for them. The success of the Fund’s investment in options depends upon many factors, such as the price of theoptions which is a function of various factors that may change rapidly over time. If a counterparty defaults, the Fund’s only
recourse will be to pursue contractual remedies against the counterparty, and the Fund may be unsuccessful in its pursuit.
The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to an
over-the-counter options transaction.

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Portfolio Turnover Risk. The Fund’s investment strategy may from time to time result in higher portfolio turnover rates.
This may increase the Fund’s brokerage commission costs. The performance of the Fund could be negatively impacted by theincreased brokerage commission costs incurred by the Fund. Rapid portfolio turnover may also result in a substantial amountof distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund.
Quantitative Security Selection Risk. Data for some issuers, particularly for emerging market issuers, may be less available
and/or less current than data for issuers in other markets. Cambria uses quantitative techniques to generate investment
decisions and select stocks. Cambria may not perform as intended if it relies on erroneous or outdated data from one or more
third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or
corrected before having an adverse impact on the Fund and its shareholders. Securities selected using quantitative analysis canperform differently from the market as a whole as a result of the characteristics used in the analysis, the weight placed on eachcharacteristic, and changes in the characteristic’s historical trends. The factors used in such analyses may not be predictive of asecurity’s value and its effectiveness can change over time. These changes may not be adequately reflected in the quantitativemodel.
Real Estate Industry Risk. The Fund is subject to the risks related to investments in real estate, including declines in the realestate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses,
legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems, and natural
disasters. The availability of mortgages and changes in interest rates may also affect real estate values.
REIT Risk. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate relatedloans or interests. REITs trade like stocks and may qualify for special tax considerations. In addition to the risks associatedwith the direct ownership of real estate and real estate-related securities, REITs are subject to additional risks, including thoserelated to adverse governmental actions, and the performance of a REIT may be affected by its failure to qualify for tax-freepass through of income or its failure to maintain exemption from registration as an investment company. REITs are dependent
upon specialized management skills and may invest in relatively few properties, a small geographic area or a small numberof property types. REITs depend generally on their ability to generate cash flow to make distributions to shareholders orunitholders, and may be subject to defaults by borrowers and to self-liquidations. As a result, investments in REITs may bevolatile. REITs also have fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. Consumer discretionary products and services are non-essential products
and services whose demand tends to increase as consumers’ disposable income increases, such as automobiles,
apparel, electronics, home furnishings, and travel and leisure products and services. These companies may include,for example, publishers; catalog and internet retailers; department stores and specialty retailers including apparel,
electronics, automotive, and home furnishing stores; manufacturers of auto parts and accessories, tire and rubber,
autos, motorcycles, and scooters; manufacturers of consumer electronic products, including TVs and DVD players;
manufacturers of household appliances and home furnishings; residential construction companies; manufacturers ofleisure products; manufacturers of apparel, accessories, footwear, textiles, and luxury goods; gaming facility, hotel,
cruise and travel agency owners and operators; restaurants and caterers; companies providing educational, home
security, legal, and personal services; advertising and public relations companies; and TV and cable companies.
This sector can be significantly affected by the performance of the overall economy, interest rates, competition,and consumer confidence. Success can depend heavily on disposable household income and consumer spending.
Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary
products.
Consumer Staples Sector Risk. The consumer staples sector includes, for example, food and drug retail andcompanies whose primary lines of business are food, beverage and other household items, including agricultural
products. This sector can be significantly affected by, among other things, changes in price and availability ofunderlying commodities, rising energy prices, tariffs and trade barriers, consumer confidence, and global andeconomic conditions. Consumer staples companies depend heavily on disposable household income and consumer
spending, and may be strongly affected by social trends and marketing campaigns. These companies may also be
subject to severe competition. Unlike the consumer discretionary sector, companies in the consumer staples sector
have historically been characterized as non-cyclical in nature and therefore less volatile in times of change.

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Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe. Energy companies and the price of their securities are also affected by the success of exploration
projects, exploration and production spending, swift price and supply fluctuations, energy conservation, currency
exchange rates, and increased competition and technological advances. Energy companies may also be adversely
impacted by substantial government regulation, tax policies, general civil liabilities, and liabilities for environmental
damage. Companies in this sector may also be subject to contractual fixed pricing, which may increase the cost of
doing business and limit these companies’ earnings. A significant portion of revenues of these companies depends
on a relatively small number of customers, including governmental entities and utilities. As a result, governmental
budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies
may also operate in or engage in transactions involving countries with less developed regulatory regimes or a historyof expropriation, nationalization or other adverse policies. Declines in the demand for, or prices of, energy generally
would be expected to negatively impact the value of the Fund’s investments in energy securities. Such declines may
occur quickly and without warning.
Financials Sector Risk. The Financials sector includes companies involved in such activities as banking, commercial
and consumer finance, investment banking, brokerage, asset management, custody and insurance. Companies in the
Financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices
they can charge and the amount of capital they must maintain. The profitability of companies in the Financials sector
may be adversely affected by increases in interest rates. The profitability of companies in the Financials sector may be
adversely affected by loan losses, which usually increase in economic downturns. In addition, the Financials sector incertain countries is undergoing numerous changes, including continuing consolidations, development of new products
and structures and changes to its regulatory framework, which may have an impact on the issuers included in a Fund’s
portfolio. Furthermore, increased government involvement in the Financials sector, including measures such as taking
ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions.
Health Care Sector Risk. The health care sector includes, for example, biotechnology, pharmaceutical, healthcare facilities, and health care equipment and supply companies. Companies in the health care sector are regulated
extensively by the government and their profits can be significantly affected by, among other things, the rising costs ofmedical products and services, restrictions on the government’s reimbursement for medical expenses, price controls,and expenses associated with the drug approval process, including research and development. Health care companies
also rely upon the protection of patents and may be adversely impacted by lapsing patents or the cost associated with
defending a patent through litigation. These companies may also be negatively affected by technological developments
or industry innovations that make their drugs, treatments, or medical products obsolete. Health care companies arealso subject to litigation based on product liability and related claims.
Industrials Sector Risk. The industrials sector includes manufacturers and distributors of capital goods such as
aerospace and defense, building projects, electrical equipment and machinery, and companies that offer constructionand engineering services. It also includes providers of commercial and professional services including printing,environmental and facilities services, office services and supplies, security and alarm services, human resource andemployment services, and research and consulting services. It also includes companies that provide transportation
services. Companies in the industrials sector are subject to legislative or regulatory changes, adverse market conditions
and/or increased competition. The prices of the securities of companies in the industrial sector may fluctuate widely
due to the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide
competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety andpollution control devices. Further, the prices of these securities, specifically transportation companies, may fluctuate
widely due to their cyclical nature, occasional sharp price movements that may result from changes in the economy,
fuel prices, labor agreement, and insurance costs, the recent trend of government deregulation, and increased
competition from foreign companies, many of which are partially funded by foreign governments and which may beless sensitive to short-term economic pressures.

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Information Technology Sector Risk. Technology companies are characterized by periodic new product introductions,innovations and evolving industry standards, and, as a result, face intense competition, which may have an adverse
effect on their profit margins. Companies in the technology sector are often smaller and less experienced companies
and may be subject to greater risks than larger companies; these risks may be heightened for technology companies
in foreign markets. Technology companies may have limited product lines, markets, financial resources or personnel.
The products of technology companies may face product obsolescence due to rapid technological developments andfrequent new product introduction, changes in consumer and business purchasing patterns, unpredictable changes ingrowth rates and competition for the services of qualified personnel. In addition, a rising interest rate environment
tends to negatively affect companies in the technology sector because, in such an environment, those companies withhigh market valuations may appear less attractive to investors, which may cause sharp decreases in the companies’
market prices. Companies in the technology sector are heavily dependent on patent and intellectual property rights.
The loss or impairment of these rights may adversely affect the profitability of these companies. The technology
sector may also be adversely affected by changes or trends in commodity prices, which may be influenced orcharacterized by unpredictable factors. Finally, while all companies may be susceptible to network security breaches,certain companies in the technology sector may be particular targets of hacking and potential theft of proprietary or
consumer information or disruptions in service, which could have a material adverse effect on their businesses.
Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange
rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government
regulations, and mandated expenditures for safety and pollution control, among other factors. Issuers in the materials
sector are at risk of liability for environmental damage and product liability claims. Production of materials may exceed
demand as a result of market imbalances or economic downturns, leading to poor investment returns.
Utilities Sector Risk. Utilities include companies such as electric, gas and water firms and renewable energy
companies. Companies in the utilities sector may be adversely impacted by many factors, including, among others,
supply and demand, operating costs, financing costs, rate caps or rate changes, government regulation, environmental
factors, and liabilities for environmental damage and general civil liabilities. Although rate changes of a regulated
utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors, ratechanges ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably
affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend toadversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may
tend to have an inverse relationship to the movement of interest rates. Deregulation of utilities may also subject thesecompanies to increased competition and reduce their profitability.
Short Sale Risk. If a security is sold short and subsequently has to be bought back at a higher price, the Fund will realize a loss
on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted
security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales
may increase the Fund’s exposure to the market, and may increase losses and the volatility of returns.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies. These securities may have returns that
vary, sometimes significantly, from the overall securities market. Small and medium capitalization companies are sometimes
more dependent on key personnel or limited product lines than larger, more diversified companies. Often, small and medium
capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive
to changing market conditions.
Sovereign Debt Securities Risk. Investments in sovereign and quasi-sovereign debt obligations involve special risks not present
in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of thedebt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a
default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s net asset value, may be morevolatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing theirdebt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on
their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

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Swaps Contract Risk. Swap agreements are contracts among the Fund and a counterparty to exchange the return ofthe pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may benegotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-tradedthrough a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks
associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions,due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly
subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. In the event that the Fund executes a
total return swap, it will likely do so as a total return receiver (and the counterparty to the Fund will execute the swap as
the total return payor). The total return swap receiver generally is contractually obligated to pay the total return payer an
index-based payment and an amount equal to the depreciation in the value of the asset referenced in the swap (or an amountwhich represents a decline in an index if an index is referenced in the swap). Both parties to the total return swap generally
have contractual obligations to pledge credit support for the full and timely performance of their respective contractual
obligations under the total return swap. If the Fund executes total return swaps, it risks the depreciation or decline in value ofthe asset or index referenced in the swap as well as the risk that the collateral posted by its counterparty declines in value or
is not pledged in accordance with the swap documentation, or the risk that the collateral posted by the Fund in favor of thecounterparty is not timely returned or is lost. While exchange trading and central clearing are intended to reduce counterparty
credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators haveadopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund andits counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to theFund and impose added operational complexity.
Underlying Vehicle Counterparty and Leverage Risk. The Fund may be exposed to additional risks due to the nature of
the investment programs of the Underlying Vehicles. The Underlying Vehicles may engage in investment transactions or othercontracts with third parties (i.e., “counterparties”). They bear the risk that the counterparty to these contracts becomes bankrupt,
defaults on its obligations or otherwise fails to honor its obligations and may experience significant delays in obtaining any
recovery in a bankruptcy or other reorganization proceeding involving the counterparty. If a counterparty defaults on its
payment obligations, the Underlying Vehicle, and therefore the Fund, will lose money and the value of an investment in Fund
Shares may decrease. Derivatives used by the Underlying Vehicles may include leverage, allowing them to obtain the rightto a return on stipulated capital that exceeds the amount paid or invested. Although Underlying Vehicles registered under theInvestment Company Act will comply with their obligations related to certain derivatives in accordance with Rule 18f-4 under
Investment Company Act, as applicable, the Fund’s value-at-risk limitations (if applicable) may not prevent losses greater thanthe value of those obligations, and Underlying Vehicles not so registered may have no such obligations. The use of derivatives
could cause the Fund to be more volatile, resulting in larger gains or losses in response to changes in the values of the securities
subject to the derivative than direct investments. Use of leverage involves special risks and is speculative and could magnify
any losses, and such losses may be significant.
U.S. Government Securities Risk. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Securities, such as those issued or guaranteed the U.S. Treasury, that are backed by the full faith and credit of the United States
are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for suchsecurities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States,
circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund.
Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market.
This may result in the value stocks’ prices remaining undervalued for extended periods of time. The Fund’s performance also
may be affected adversely if value stocks become unpopular with or lose favor among investors. Different investment styles
tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund’s value style could cause it
to underperform funds that use a growth or non-value approach to investing or have a broader investment style.

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Additional Non-Principal Risk Information
Cash and Cash Equivalents Holdings Risk. Each Fund may invest in cash and cash equivalents for indefinite periods of time
when Cambria determines the prevailing market environment warrants doing so. When a Fund holds cash positions, it may
lose opportunities to participate in market appreciation, which may result in lower returns than if the Fund had remained fully
invested in the market. This is particularly true when the market for other investments in which the Fund may invest is rapidly
rising. Furthermore, cash and cash equivalents may generate minimal or no income and could negatively impact the Fund’s
performance and ability to achieve its investment objective.
Cryptocurrency Investments Risk (Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, and Cambria Trinity
ETF only). In addition to the general risks of investing in other investment vehicles, the value of the Fund’s indirect investments
in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which can be highly volatile. The value ofcryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency,
which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero)for a variety of reasons including but not limited to regulatory changes, a crisis of confidence in the bitcoin network or a change inuser preference to competing cryptocurrencies. A Fund’s exposure to cryptocurrency can result in substantial losses to the Fund.
Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without theoversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or otheridentified body. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrency, and regulationin the U.S. is still developing. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, thenature of an investment in cryptocurrency. A determination that cryptocurrency or any other digital asset is a “security”
may adversely affect the value of cryptocurrency. Similar to fiat currencies (i.e., a currency that is backed by a central bankor a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction.
Accordingly, the bitcoin held by GBTC (and a Fund’s indirect exposure to such holdings) is also susceptible to these risks.
Cryptocurrencies trade on exchanges, which are largely unregulated and may therefore be more exposed to fraud and failure
than established, regulated exchanges for securities, derivatives and other currencies. These exchanges can cease operating
temporarily or even permanently, resulting in the potential loss of users’ cryptocurrency or other market disruptions.
Cryptocurrency exchanges may be more exposed to the risk of market manipulation than exchanges for more traditional assets.
Cryptocurrency exchanges that are regulated typically must comply with minimum net worth, cybersecurity, and anti-money
laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated
securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain
safeguards established by more traditional exchanges to enhance the stability of trading on the exchange, such as measures designed
to prevent sudden drops in value of items traded on the exchange (i.e., “flash crashes”). As a result, the prices of cryptocurrencies
on exchanges may be subject to larger and more frequent sudden declines than assets traded on more traditional exchanges.
Shares of GBTC have historically traded, and may continue to trade, at a significant premium or discount to NAV. If GBTC
were to cease to trade at a premium to its NAV, the value of the Fund’s investment in GBTC could decrease, even if the valueof GBTC’s underlying holdings in bitcoin does not decrease. In addition, the Fund’s investment in GBTC will be subject tothe operating expenses associated with GBTC. If GBTC incurs expenses in U.S. dollars, GBTC would be required to sell
bitcoins to pay these expenses. The sale of GBTC’s bitcoins to pay expenses in U.S. dollars at a time of low bitcoin prices could
adversely affect the value of an investment in the Fund.
Operational Risk. Each Fund and its service providers, including Cambria, the Fund’s administrator, custodian, and transfer
agent, may experience disruptions that arise from human error, processing and communications errors, counterparty or
third-party errors, technology or systems failures. Any such disruptions may have an adverse impact on the Fund. Although
the Fund and its service providers seek to reduce these operational risks through their internal controls and processes, it may
not be possible to identify and develop policies and controls to address all such risks.
Securities Lending. Although each Fund is indemnified by the Fund’s securities lending agent for losses incurred in connection
with a borrower’s default with respect to a loan, the Fund bears the risk of loss of investing cash collateral and may be required tomake payments to a borrower upon return of loaned securities if invested collateral has declined in value. Furthermore, because of therisks in delay of recovery, the Fund may lose the opportunity to sell the securities at a desirable price, and the Fund will generally nothave the right to vote securities while they are being loaned. These events could also trigger negative tax consequences for the Fund.

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FUND MANAGEMENT
Adviser. Cambria Investment Management, L.P. acts as each Fund’s investment adviser. Cambria is located at 3300 Highland
Avenue, Manhattan Beach, California 90266. Cambria is an investment adviser registered with the SEC under the Investment
Advisers Act of 1940. Cambria was founded in 2006 and managed approximately $2.64 billion in assets as of August 1, 2024.
Cambria is responsible for overseeing the management and business affairs of the Funds and has discretion to purchase and sell
securities in accordance with the Funds’ objectives, policies, and restrictions. Cambria continuously reviews, supervises, andadministers the Funds’ investment programs. Cambria also supervises the Sub-Adviser (defined below), including monitoringof the purchase and sale of securities by the Sub-Adviser and regular review of the Sub-Adviser’s performance, subject to theoversight of the Board.
Cambria has entered into an investment advisory agreement (the “Management Agreement”) with respect to the Funds.
Pursuant to that Management Agreement, each Fund pays Cambria an annual advisory fee based on its average daily net assets
for the services and facilities it provides payable at the annual rates set forth in the table below:
Fund

Advisory Fee

Cambria Shareholder Yield ETF����������������������������������������������������������������������������������������������������������������������
Cambria Foreign Shareholder Yield ETF���������������������������������������������������������������������������������������������������������
Cambria Emerging Shareholder Yield ETF�����������������������������������������������������������������������������������������������������
Cambria Global Tail Risk ETF������������������������������������������������������������������������������������������������������������������������
Cambria Global Value ETF������������������������������������������������������������������������������������������������������������������������������
Cambria Global Momentum ETF��������������������������������������������������������������������������������������������������������������������
Cambria Value and Momentum ETF���������������������������������������������������������������������������������������������������������������
Cambria Global Asset Allocation ETF������������������������������������������������������������������������������������������������������������
Cambria Tail Risk ETF������������������������������������������������������������������������������������������������������������������������������������
Cambria Trinity ETF����������������������������������������������������������������������������������������������������������������������������������������
Cambria Cannabis ETF������������������������������������������������������������������������������������������������������������������������������������
Cambria Global Real Estate ETF���������������������������������������������������������������������������������������������������������������������
Cambria Micro and SmallCap Shareholder Yield ETF������������������������������������������������������������������������������������
Cambria Tactical Yield ETF�����������������������������������������������������������������������������������������������������������������������������
Cambria LargeCap Shareholder Yield ETF�����������������������������������������������������������������������������������������������������
1

0.59%
0.59%
0.59%
0.59%
0.59%
0.59%
0.59%
0.00%
0.59%
0.00%
0.59%1
0.59%
0.59%
0.59%
0.59%

During the fiscal year ended April 30, 2024, the Adviser contractually agreed to waive a portion of its fee in an amountequal to 17 basis points (0.17%) of its management fees for the Fund. For the fiscal year ended April 30, 2024, the Fund
paid the Adviser a fee, calculated daily and paid monthly, at an annual rate of 0.42%.

A discussion regarding the basis for the Board’s approval of the Management Agreement with respect to each Fund, except the
Cambria LargeCap Shareholder Yield ETF, is available in the Funds’ annual report dated April 30, 2024.
With respect to each Fund, except the Cambria Emerging Shareholder Yield ETF and Cambria Global Value ETF, Cambria
bears all of the costs of the Fund, except for the advisory fee, payments under each Fund’s 12b-1 plan, brokerage expenses,
acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short),
litigation expense and other extraordinary expenses (including litigation to which the Trust or the Fund may be a party andindemnification of the Trustees and officers with respect thereto). With respect to the Cambria Emerging Shareholder Yield
ETF and Cambria Global Value ETF, Cambria bears all of the costs of the Fund, except for the advisory fee, payments undereach Fund’s 12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including
borrowing costs and dividend expenses on securities sold short), litigation expense and other extraordinary expenses (including
litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).
The Management Agreement provides that it may be terminated at any time, without the payment of any penalty, by the Board
or by a majority of the outstanding Shares of the Fund, on 60 days’ written notice to Cambria, and by Cambria upon 60 days’
written notice and that it shall be automatically terminated if it is assigned.

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Sub-Adviser. Tidal Investments LLC, a Tidal Financial Group company, serves as the sub-adviser to each Fund. The
Sub-Adviser is a Delaware limited liability company located at 234 W. Florida Street, Suite 203, Milwaukee, Wisconsin
53204. The Sub-Adviser is the parent company of Tidal ETF Services LLC. The Sub-Adviser was founded in March 2012and has been managing investment companies since January 2018. As of August 1, 2024, the Sub-Adviser had assets undermanagement of approximately $18.6 billion and served as the investment adviser or sub-adviser for 159 registered funds.
Pursuant to a sub-advisory agreement between Cambria and the Sub-Adviser with respect to the Funds (the “Sub-Advisory
Agreement”), the Sub-Adviser will be responsible for trading portfolio securities and other investment instruments on behalfof the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of theAdviser and oversight of the Board. Under the Sub-Advisory Agreement, Cambria pays the Sub-Adviser a fee calculated daily
and paid monthly out of the fee Cambria receives from each Fund.
A discussion regarding the basis for the Board’s approval of the Sub-Advisory Agreement with respect to each Fund, with the
exception of Cambria LargeCap Shareholder Yield ETF, is available in the Funds’ annual report dated April 30, 2024.
The Trust is in the process of applying for exemptive relief from the SEC, which, if obtained, will permit the Adviser, subject
to certain conditions, to terminate the existing Sub-Adviser or hire new sub-advisers for each Fund, to materially amend theterms of particular agreements with sub-advisers or to continue the employment of a sub-adviser after events that would
otherwise cause an automatic termination of a sub-advisory agreement. This arrangement has been approved by the Boardand shareholders of each Fund. Consequently, under the exemptive order, the Adviser will have the right to hire, terminate andreplace a sub-adviser to each Fund when the Board and the Adviser feel that a change would benefit the Fund. Within 90 daysof retaining a new sub-adviser, shareholders of the Fund will receive notification of the change. This structure, known as a“manager of managers” structure, enables the Fund to operate with greater efficiency and without incurring the expense anddelays associated with obtaining shareholder approval of sub-advisory agreements. The structure does not permit investment
advisory fees paid by the Fund to be increased or change the Adviser’s obligations under the investment advisory agreement,
including the Adviser’s responsibility to monitor and oversee sub-advisory services furnished to the Fund, without shareholder
approval. Furthermore, any sub-advisory agreements with affiliates of the Fund or the Adviser will require shareholder
approval. Until the Adviser and the Trust obtain this relief, the Fund will continue to submit these matters to shareholders fortheir approval to the extent required by applicable law.

PORTFOLIO MANAGERS
Mebane T. Faber and Jonathan Keetz are the portfolio managers of the Funds and are responsible for the day-to-day managementof each Fund.
Mebane T. Faber, Chief Investment Officer and Portfolio Manager
Mr. Faber is the co-founder of Cambria and has been the Chief Investment Officer of Cambria since 2006 and the Chief
Executive Officer of Cambria since 2018. Mr. Faber also serves as portfolio manager of each Fund. Mr. Faber is the manager
of Cambria’s separate accounts and private investment funds for accredited investors. He is also President of the Trust andan interested trustee and the Chairman of the Trust’s Board. Mr. Faber is also the author of the Mebane Faber Research blog,
author of Shareholder Yield, and the co-author of The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear
Markets. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.
Jonathan Keetz, Chief Operating Officer and Portfolio Manager
Mr. Keetz has been the Chief Operating Officer of Cambria since 2020 and has served as Vice President of Cambria from 2015
to 2020. Mr. Keetz also serves as portfolio manager of each Fund. He has also served as Vice President of the Trust since 2020.
Mr. Keetz graduated from Bryant University with a Master of Business Administration in 2012.
The Funds’ SAI provides additional information about the portfolio managers, including other accounts managed, ownershipin the Funds, and compensation.

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OTHER SERVICE PROVIDERSALPS Distributors, Inc. (the “Distributor”), 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as the distributorof Creation Units (defined below) for the Funds on an agency basis. The Distributor does not maintain a secondary market in
Shares.
Tidal ETF Services LLC, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, serves as the administrator for
the Funds.
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee,
Wisconsin 53202, serves as the sub-administrator, fund accountant, and transfer agent for the Funds.
U.S. Bank National Association, 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian for theFunds.
Morgan, Lewis & Bockius LLP, 1111 Pennsylvania Avenue, NW, Washington, District of Columbia 20004, serves as legal
counsel to the Funds.
Cohen & Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, Ohio, 44115, serves as the Funds’ independent registeredpublic accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial
statements of the Funds and reviewing the tax returns.

DISCLAIMERS
Shares of the Funds are not sponsored, endorsed or promoted by the Exchange. The Exchange is not responsible for, nor
has it participated, in the determination of the timing of, prices of, or quantities of Shares of a Fund to be issued, nor in thedetermination or calculation of the equation by which the Shares are redeemable. The Exchange has no obligation or liability
to owners of the Shares in connection with the administration, marketing or trading of the Shares. Without limiting any of theforegoing, in no event shall the Exchange have any liability for any direct, indirect, special, punitive, consequential or any otherdamages (including lost profits) even if notified of the possibility of such damages.

BUYING AND SELLING FUND SHARES
Shares will be issued or redeemed by each Fund at NAV per Share only in Creation Units, which are likely to cost over
$1 million. Creation Units are issued and redeemed for cash and/or in-kind for securities.
Shares will trade on the secondary market, however, which is where most retail investors will buy and sell Shares. It is expectedthat only a limited number of institutional investors, called Authorized Participants or “APs,” will purchase and redeem Shares
directly from the Funds. APs may acquire Shares directly from the Funds, and APs may tender their Shares for redemption
directly to the Funds, at NAV per Share only in large blocks, or “Creation Units.” Purchases and redemptions directly with theFunds must follow the Funds’ procedures, which are described in the SAI.
Except when aggregated in Creation Units, Shares are not redeemable with the Funds.

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BUYING AND SELLING SHARES ON THE SECONDARY MARKET
Most investors will buy and sell Shares in secondary market transactions through brokers and, therefore, must have a brokerage
account to buy and sell Shares. Shares can be bought or sold through your broker throughout the trading day like shares of any
publicly traded issuer. When buying or selling Shares through a broker, you will incur customary brokerage commissions andcharges, and you may pay some or all of the spread between the bid and the offered prices in the secondary market for Shares.
The price at which you buy or sell Shares (i.e., the market price) may be more or less than the NAV of the Shares. Unlessimposed by your broker, there is no minimum dollar amount you must invest in a Fund and no minimum number of Shares
you must buy.
Each Fund lists and trades its Shares on the Exchange and under the trading symbol as follows:
Fund

Trading Symbol

Cambria Shareholder Yield ETF�����������������������������������������������������������������������������������������������������������������������
Cambria Foreign Shareholder Yield ETF����������������������������������������������������������������������������������������������������������
Cambria Emerging Shareholder Yield ETF������������������������������������������������������������������������������������������������������
Cambria Global Tail Risk ETF�������������������������������������������������������������������������������������������������������������������������
Cambria Global Value ETF�������������������������������������������������������������������������������������������������������������������������������
Cambria Global Momentum ETF���������������������������������������������������������������������������������������������������������������������
Cambria Value and Momentum ETF����������������������������������������������������������������������������������������������������������������
Cambria Global Asset Allocation ETF�������������������������������������������������������������������������������������������������������������
Cambria Tail Risk ETF�������������������������������������������������������������������������������������������������������������������������������������
Cambria Trinity ETF�����������������������������������������������������������������������������������������������������������������������������������������
Cambria Cannabis ETF�������������������������������������������������������������������������������������������������������������������������������������
Cambria Global Real Estate ETF����������������������������������������������������������������������������������������������������������������������
Cambria Micro and SmallCap Shareholder Yield ETF�������������������������������������������������������������������������������������
Cambria Tactical Yield ETF������������������������������������������������������������������������������������������������������������������������������
Cambria LargeCap Shareholder Yield ETF������������������������������������������������������������������������������������������������������

SYLD
FYLD
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TOKE
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MYLD
TYLD
LYLD

The Exchange is generally open Monday through Friday and is closed for weekends and the following holidays: New Year’sDay, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day,
Thanksgiving Day, and Christmas Day.
For information about buying and selling Shares on the Exchange or in the secondary markets, please contact your broker ordealer.
Book Entry. Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust
Company (“DTC”), or its nominee, will be the registered owner of all outstanding Shares and is recognized as the owner of
all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and otherinstitutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are notentitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considereda registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely on the procedures of DTC
and its participants. These procedures are the same as those that apply to any stocks that you hold in book entry or “street
name” through your brokerage account. Your account information will be maintained by your broker, which will provide youwith account statements, confirmations of your purchases and sales of Shares, and tax information. Your broker also will be
responsible for distributing income dividends and capital gain distributions and for ensuring that you receive shareholder
reports and other communications from the Funds.
Share Trading Prices. The trading prices of a Fund’s Shares may differ from the Fund’s daily NAV, and can be affected bymarket forces of supply and demand for the Fund’s Shares, the prices of the Fund’s portfolio securities, economic conditions
and other factors.

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Continuous Offering. The method by which Creation Units of Shares are created and traded may raise certain issues underapplicable securities laws. Because new Creation Units of Shares are issued and sold by the Funds on an ongoing basis, a“distribution,” as such term is used in the Securities Act of 1933, as amended (the “Securities Act”), may occur at any point.
Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result intheir being deemed participants in a distribution in a manner which could render them statutory underwriters and subject themto the prospectus delivery requirements and liability provisions of the Securities Act. For example, a broker-dealer firm or its
client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks themdown into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new
Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether
one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to theactivities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered
a complete description of all the activities that could lead to a characterization as an underwriter.
Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in Shares,
whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because
the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as aresult of Section 24(d) of the Investment Company Act. As a result, broker-dealer firms should note that dealers who are not“underwriters” but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions)and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities
Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For
delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act isonly available with respect to transactions on a national exchange.

ACTIVE INVESTORS AND MARKET TIMINGThe Board has evaluated the risks of market timing activities by the Funds’ shareholders. The Board noted that the Funds’
Shares can only be purchased and redeemed directly from a Fund in Creation Units by APs and that the vast majority of
trading in the Funds’ Shares occurs on the secondary market. Because the secondary market trades do not directly involve
the Funds, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of
portfolio management, increases in the Funds’ trading costs and the realization of capital gains. With regard to the purchaseor redemption of Creation Units directly with a Fund, to the extent effected in-kind (i.e., for securities), the Board noted thatthose trades do not cause the harmful effects (as previously noted) that may result from frequent cash trades. To the extent
trades are effected in whole or in part in cash, the Board noted that those trades could result in dilution to a Fund and increasedtransaction costs, which could negatively impact a Fund’s ability to achieve its investment objective. However, the Board also
noted that direct trading by APs is critical to ensuring that a Fund’s Shares trade at or close to NAV. The Funds may also employ
fair valuation pricing, which may minimize potential dilution from market timing. In addition, the Funds impose transaction
fees on purchases and redemptions of Fund Shares to cover the custodial and other costs incurred by a Fund in effecting trades.
Given this structure, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market
timing of the Funds’ Shares.

DISTRIBUTION AND SERVICE PLAN
Each Fund has adopted a distribution and service plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act.
Under the Plan, a Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution andshareholder services (the “Service Providers”). If a Service Provider provides such services, a Fund may pay fees at an annual
rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the Investment Company Act.
No distribution or service fees are currently paid by any Fund, and the Board has not currently approved the commencement ofany payments under the plan. In the event Rule 12b-1 fees are charged, over time they would increase the cost of an investment
in a Fund because they would be paid on an ongoing basis.

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NET ASSET VALUE
The net asset value, or “NAV,” of Shares is calculated each business day as of the close of regular trading on the New York
Stock Exchange (“NYSE”), generally 4:00 p.m., Eastern time.
Each Fund calculates its NAV per Share by:• Taking the current market value of its total assets;• Subtracting any liabilities; and• Dividing that amount by the total number of Shares owned by shareholders.
If you buy or sell Shares on the secondary market, you will pay or receive the market price, which may be higher or lower than
NAV. Your transaction will be priced at NAV only if you purchase or redeem your Shares in Creation Units.
Because securities listed on foreign exchanges may trade on weekends or other days when a Fund does not price its Shares,
the NAV of the Fund, to the extent it may hold foreign securities, may change on days when shareholders will not be able topurchase or sell Shares.
When calculating the NAV of a Fund’s Shares, expenses are accrued and applied daily and stocks held by the Fund are valued
at their market value when reliable market quotations are readily available. Equity securities are valued primarily on thebasis of market quotations reported on stock exchanges and other securities markets around the world. If an equity security
is listed on a national exchange, the security is valued at the closing price or, if the closing price is not readily available, themean of the closing bid and asked prices. Certain equity securities, debt securities and other assets are valued differently. For
instance, fixed-income investments maturing in 60 days or less are valued primarily using the amortized cost method and thosematuring in excess of 60 days are valued at the readily available market price, if available. Investments in non-exchange tradedinvestment companies are valued at their NAVs. Forward foreign currency contracts and swap contracts are generally valued
based on the marked-to-market value of the contract. Pricing services, approved and monitored pursuant to a policy approvedby the Funds’ Board, provide market quotations based on both market prices and indicative bids.
Pursuant to Rule 2a-5 under the Investment Company Act, the Adviser has been designated by the Board as the valuation
designee with responsibility for fair valuation subject to oversight by the Board. If a reliable market quotation is not readily
available or is deemed not to reflect current market value, and when the instrument to be priced is not a security, pursuant
to the Trust’s valuation policy, such instrument will be fair valued in accordance with the Adviser’s fair valuation policy andprocedures, which were approved by the Board. An investment may be fair valued in a variety of circumstances, including but
not limited to, situations when the value of a security in the Fund’s portfolio has been materially affected by events occurring
after the close of the market on which the security is principally traded but prior to the close of the Exchange (such as in thecase of a corporate action or other news that may materially affect the price of a security) or trading in a security has beensuspended or halted. Accordingly, the Fund’s NAV may reflect certain portfolio securities’ fair values rather than their market
prices. To the extent a Fund has holdings of tax-exempt, foreign or other securities that may trade infrequently, fair valuation
may be used more frequently than for other funds.
Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Fund Shares.
However, when a Fund uses fair valuation to price securities, it may value those securities higher or lower than another fundwould have priced the security. Also, the use of fair valuation may cause the Shares’ NAV performance to diverge fromthe Shares’ market price and from the performance of various benchmarks used to compare a Fund’s performance because
benchmarks generally do not use fair valuation techniques. Because of the judgment involved in fair valuation decisions, there
can be no assurance that the value ascribed to a particular security is accurate.

131

FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGSThe Trust maintains a website for the Funds at www.cambriafunds.com. Among other things, this website includes thisProspectus and the SAI, and includes the Funds’ holdings, the Funds’ last annual and semi-annual reports, pricing information
about Shares trading on the Exchange, daily NAV calculations, updated performance information, a historical comparison of
the trading prices to NAV, premiums and discounts, and bid/ask spreads.
Each day a Fund is open for business, the Trust publicly disseminates the Fund’s full portfolio holdings as of the close of theprevious day through its website at www.cambriafunds.com. A description of the Trust’s policies and procedures with respect
to the disclosure of the Funds’ portfolio holdings is available in the Funds’ SAI.
Premium/Discount Information. Information about the premiums and discounts at which the Funds’ Shares have traded isavailable at www.cambriafunds.com.

INVESTMENTS BY OTHER INVESTMENT COMPANIESThe Trust and the Funds are part of the Cambria family of funds and related for purposes of investor and investment services,
as defined in Section 12(d)(1)(G) of the Investment Company Act.
For purposes of the Investment Company Act, Shares are issued by a registered investment company and purchases of such
Shares by registered investment companies and companies relying on Section 3(c)(1) or 3(c)(7) of the Investment Company
Act are subject to the restrictions set forth in Section 12(d)(1) of the Investment Company Act. The SEC recently adopted
Rule 12d1-4 under the Investment Company Act, which permits registered investment companies to invest in exchange-tradedfunds offered by the Trust, including the Funds, beyond the limits of Section 12(d)(1) subject to certain terms and conditions,
including that such registered investment companies enter into an agreement with the Trust. However, if the Funds wereto invest in securities of other investment companies beyond the limits set forth in Section 12(d)(1)(A), other registeredinvestment companies would not be permitted to rely on Rule 12d1-4 to invest in the Fund in excess of the limits. To thisend, the relief from Section 12(d)(1) is not available for investments in the Cambria Global Tail Risk ETF, Cambria Global
Momentum ETF, Cambria Global Asset Allocation ETF and Cambria Trinity ETF, since each of these Funds operates as a“fund of funds” and/or has significant holdings in other ETFs.

DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES
Fund Distributions

Each Fund generally pays out dividends from its net investment income, if any, to shareholders quarterly, and distributes its
net capital gains, if any, to shareholders annually. Each Fund typically earns dividends from stocks in which it invests. Theseamounts, net of expenses, are passed along to Fund shareholders as “income dividends.” Each Fund realizes capital gains orlosses whenever it sells securities. Net long-term capital gains are distributed to shareholders as “capital gain dividends.”
Brokers may make available to their customers who own Shares the DTC book-entry dividend reinvestment service. To
determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using
this service, consult your broker. Brokers may require Fund shareholders to adhere to specific procedures and timetables. If
this service is available and used, dividend distributions of both income and net realized gains will be automatically reinvested
in additional whole Shares of the distributing Fund purchased in the secondary market. Without this service, investors would
receive their distributions in cash.

Taxes

As with any investment, you should consider how your investment in Shares of a Fund will be taxed. The tax information inthis Prospectus is provided only as general information. You should consult your own tax professional about the federal, state,
and local tax consequences of an investment in Shares. This summary does not apply to shares held in an individual retirement
account or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to shares held in suchaccounts may, however, be taxable at some time in the future.

132

Tax Status of the Funds. Each Fund has elected (or will elect) and intends to qualify each year for the special tax treatment
afforded to a regulated investment company (a “RIC”) under the Internal Revenue Code. If the Funds qualify for treatment
as RICs, and meet certain minimum distribution requirements, then they are generally not subject to tax at the fund level on
income and gains from investments that are timely distributed to shareholders.
Certain of a Fund’s investments may be subject to complex provisions of the Internal Revenue Code (including provisions
relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency
contracts, and notional principal contracts) that, among other things, may affect a Fund’s ability to qualify as a RIC, affect thecharacter of gains and losses realized by the Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate
recognition of income to the Fund and defer losses and, in limited cases, subject the Fund to U.S. federal income tax onincome from certain of its foreign securities. To the extent a Fund invests in an Underlying Vehicle that is taxable as a RIC,the tax treatment of complex securities will also apply to such Underlying Vehicle’s investments in such complex securities
and instruments.
Certain Funds may invest in U.S. REITs directly or indirectly. “Qualified REIT dividends” (i.e., ordinary REIT dividends otherthan capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain
tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum
effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders
that are attributable to qualified REIT dividends received by such Fund and which such Fund properly reports as “section 199A
dividends,” are treated as “qualified REIT dividends” in the hands of non-corporate shareholders. A section 199A dividend istreated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares forat least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation
to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to reportsuch part of its dividends as section 199A dividends as are eligible but is not required to do so. Unless later extended or madepermanent, this 20% deduction will no longer be available for taxable years beginning after December 31, 2025.
REITs in which a Fund invests often do not provide complete and final tax information to a Fund until after the time that a
Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and characterof its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Fund (oryour broker) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected
Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reportingstatement, in completing your tax returns.
To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends orinterest a Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consist of foreign
securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow
shareholders to offset some of their U.S. federal income tax. A Fund (or your broker) will notify you if it makes such an
election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.
Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC (including an ETF which is taxable
as a RIC) will not be passed through to you unless the Fund qualifies as a “qualified fund-of-funds” under the Internal
Revenue Code. If a Fund is a “qualified fund-of-funds” it will be eligible to file an election with the Internal Revenue Service(the “IRS”) that will enable the Fund to pass along these foreign tax credits to its shareholders. A Fund will be treated as a“qualified fund-of-funds” under the Internal Revenue Code if at least 50% of the value of the Fund’s total assets (at the closeof each quarter of the Fund’s taxable year) is represented by interests in other RICs.

Taxes on Distributions

Each Fund intends to distribute each year substantially all of its net investment income and net capital gains income. Dividends
and distributions are generally taxable to you whether you receive them in cash or in additional Shares. Income distributions
by the Funds, including distributions of net short-term capital gains but excluding distributions of qualified dividend income,are generally taxable at ordinary income tax rates. Distributions by the Funds that qualify as “qualified dividend income” aregenerally taxable to non-corporate shareholders at tax rates of up to 20% (lower rates apply to individuals in lower tax brackets).
In order for a distribution by a Fund to be treated as qualified dividend income, it must be attributable to dividends the Fundreceives on stock of most domestic corporations and certain foreign corporations with respect to which the Fund satisfies

133certain holding period and other requirements and you must meet similar requirements with respect to the Fund’s Shares.
Distributions that a Fund receives from an underlying fund that is taxable as a RIC or from a REIT will be treated as qualified
dividend income only to the extent so reported by such underlying fund or REIT. Qualified dividend income is, in general,dividends from domestic corporations and from certain foreign corporations (e.g., foreign corporations incorporated in apossession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stockof which is readily tradable on an established securities market in the United States). A Fund’s investment and/or trading
strategies may limit its ability to distribute dividends eligible to be treated as qualified dividend income.
Distributions of a Fund’s net capital gain (which is net long-term capital gain in excess of net short-term capital loss) that areproperly designated by the Fund as “capital gain dividends” will be taxable to you as long-term capital gains regardless of yourholding period in a Fund’s Shares and regardless of whether paid in cash or reinvested in additional Shares. For non-corporateshareholders, long-term capital gains are generally taxable at tax rates of up to 20% (lower rates apply to individuals in lower
tax brackets).
U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on all ora portion of their “net investment income,” which includes interest, dividends, and certain capital gains (including certain
capital gain distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of theundistributed net investment income of certain shareholders that are estates and trusts.
Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from theFunds that are attributable to dividends received by the Funds from U.S. corporations, subject to certain limitations. A Fund’sinvestment and/or trading strategies may limit its ability to distribute dividends eligible for the dividends received deduction.
A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules
applicable to the interest expense limitations under Section 163(j) of the Code. A RIC’s total “Section 163(j) Interest Dividend”
for a tax year is limited to the excess of the RIC’s business interest income over the sum of its business interest expense andits other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portionof ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designatedportion of such dividends as interest income for purposes of determining such shareholder’s interest expense deduction
limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder’s interest expense
deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest
income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the datethat is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest
Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with therequirements specified by the IRS.
Distributions in excess of a Fund’s current and accumulated earnings and profits (as determined for U.S. federal income tax
purposes) first will reduce your adjusted tax basis in your Shares and, after the adjusted basis is reduced to zero, will constitutecapital gain. Such capital gain will be long-term capital gain and thus, in the case of individuals, will be taxed at a maximum
rate of 20% (or less in some cases, as noted above), if the distributions are attributable to Shares held by you for more thantwelve months and as short-term capital gain or loss if they have been held for twelve months or less.
Under a dividend reinvestment service, you may have the option to have all cash distributions automatically reinvested
in additional Fund Shares. Any distributions reinvested under such a service will nevertheless be taxable to you. You will
have an adjusted basis in the additional Shares purchased through such a reinvestment service equal to the amount of thereinvested distribution plus the amount of any fees charged for the transaction. The additional Shares will have a holding
period commencing on the day following the day on which they are credited to your account.
A distribution will reduce a Fund’s NAV per Share and may be taxable to you as ordinary income or capital gain even though,from an investment standpoint, the distribution may constitute a return of capital. In general, distributions are subject to federal
income tax for the year when they are paid. However, certain distributions declared to shareholders of record in October,
November or December and actually paid in January of the following year may be treated as paid on December 31 of thecalendar year in which declared.
A Fund (or your broker) will inform you of the amount of your ordinary income dividends, qualified dividend income, and net
capital gain distributions shortly after the close of each calendar year.

134You may be subject to federal backup withholding tax, if you have not provided a Fund (or financial intermediaries, such as
brokers, through which you own Shares) with a taxpayer identification number (for an individual, a social security number)and made other required certifications. You may also be subject to state and local taxes on distributions, sales and redemptions.

Taxes When Shares are Sold

Generally, you will recognize taxable gain or loss if you sell or otherwise dispose of your Shares. Assuming you hold yourShares as a capital asset, any gain arising from such a disposition generally will be treated as long-term capital gain if you
held the Shares for more than twelve months or if held for twelve months or less will be classified as short-term capital gain.
However, any capital loss arising from the disposition of Shares held for six months or less will be treated as long-term capital
loss to the extent of the amount of long-term capital gain dividends received with respect to such Shares. For tax purposes, anexchange of Shares for shares of a different Fund is the same as a sale. In addition, all or a portion of any loss recognized upona disposition of Shares may be disallowed under “wash sale” rules if other Shares of the same Fund are purchased (whether
through reinvestment of distributions or otherwise) within 30 days before or after the disposition. If disallowed, the loss will
be reflected in an adjustment to the basis of the Shares acquired.
The Funds (or their administrative agents) must report to the IRS and furnish to Fund shareholders the cost basis information
for Fund Shares sold. In addition to reporting the gross proceeds from the sale of Fund Shares, the Funds (or their administrative
agent) are also required to report the cost basis information for such Shares and indicate whether these Shares have a short-termor long-term holding period. For each sale of such Fund’s Shares, each Fund will permit its shareholders to elect from among
several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund
will use a default cost basis method which has been separately communicated to you. The cost basis method elected by aFund shareholder (or the cost basis method applied by default) for each sale of Fund Shares may not be changed after thesettlement date of each such sale of Fund Shares. Shareholders should consult with their tax advisors to determine the best
IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders
also should carefully review the cost basis information provided to them and make any additional basis, holding period or otheradjustments that are required when reporting these amounts on their federal income tax returns.

Taxes on Purchase and Redemption of Creation Units

An Authorized Participant that exchanges equity securities for one or more Creation Units generally will recognize a gain ora loss on the exchange. The gain or loss will be equal to the difference between the market value of the Creation Unit(s) at thetime of the exchange and the sum of the exchanger’s aggregate basis in the securities surrendered plus (or minus) the amountof cash paid (or received) for such Creation Unit(s). A person who redeems one or more Creation Units for equity securities
will generally recognize a gain or loss equal to the difference between the exchanger’s basis in the Creation Unit(s) and theaggregate market value of the securities received plus (or minus) the amount of cash received (or paid) for such Creation
Unit(s). The IRS, however, may assert that a loss realized that is realized by an Authorized Participant upon an exchangeof securities for Creation Unit(s) may not be deducted currently under the rules governing “wash sales” (for an Authorized
Participant that does not mark-to-market its holdings), or on the basis that there has been no significant change in economic
position. Authorized Participants exchanging securities should consult their own tax advisor with respect to whether wash salerules apply and when a loss might be deductible.
Each Fund may include cash when paying the redemption price for Creation Units in addition to, or in place of, the delivery
of a basket of securities. A Fund may be required to sell portfolio securities in order to obtain the cash needed to distributeredemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might
not have recognized if it had completely satisfied the redemption in-kind. As a result, such Fund may be less tax efficient if it
includes such a cash payment than if the in-kind redemption process was used.
If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many Shares you purchased
or sold and at what price.

135

Non-U.S. Investors

If you are a nonresident alien individual or a foreign corporation, trust or estate, (i) a Fund’s ordinary income dividends will
generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies but (ii) gains from the sale or otherdisposition of shares of a Fund generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is
physically present in the U.S. for 183 days or more per year. The Funds may, under certain circumstances, report all or a portionof a dividend as an “interest-related dividend” or a “short-term capital gain dividend,” which would generally be exempt fromthis 30% U.S. withholding tax, provided certain other requirements are met. Different tax consequences may result if you area foreign shareholder engaged in a trade or business within the United States or if you are a foreign shareholder entitled toclaim the benefits of a tax treaty.
The foregoing is only a summary of certain federal income tax considerations under current law, which is subject to change inthe future. Shareholders such as non-resident aliens, foreign trusts or estates, or foreign corporations or partnerships may besubject to different U.S. federal income tax treatment.
You should consult your tax adviser for further information regarding federal, state, local and/or foreign tax consequences
relevant to your specific situation. More information about taxes is in the Funds’ SAI.

HOUSEHOLDING POLICY
It is the policy of the Funds to mail only one copy of the prospectus, annual report, semi-annual report and proxy statements
to all shareholders who share the same mailing address and share the same last name and have invested in the Fund(s) coveredby the same document. You are deemed to consent to this policy unless you specifically revoke this policy and request that
separate copies of such documents be mailed to you. In such case, you will begin to receive your own copies within 30 days
after our receipt of the revocation. You may request that separate copies of these disclosure documents be mailed to you by
writing to us at: 3300 Highland Avenue, Manhattan Beach, CA 90266 or calling us at: 855-ETF-INFO (383-4636) (toll free).

136

FINANCIAL HIGHLIGHTS
The tables that follow present the financial highlights for each Fund for the past five years or since inception, except the
Cambria LargeCap Shareholder Yield ETF, which commenced operations after the most recent fiscal year end. The tables areintended to help you understand each Fund’s financial performance. Certain information reflects financial results for a single
Fund share. The total returns in the table represent the rate that an investor would have earned or lost, on an investment in aFund (assuming reinvestment of all dividends and distributions). The information has been derived from the Funds’ financial
statements which have been audited by Cohen & Company, Ltd., the Funds’ independent registered public accounting firm,
whose report, along with the Funds’ financial statements, is included in the Funds’ Annual Report for the fiscal year endedApril 30, 2024, which is available upon request.

Cambria Shareholder Yield ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

Net Asset Value, Beginning of Year������������������������ $58.14
Income (Loss) from Investment Operations:
1.29
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
10.75
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������
12.04$60.89$62.48$29.82$37.47

1.48

1.17

0.88

0.86

(2.54)(1.06)(1.27)(0.10)

32.60
33.48

(7.66)(6.80)(1.24)—(1.24)(1.40)(0.29)(1.69)(1.23)(0.26)(1.49)(0.82)—(0.82)(0.85)—(0.85)Net Asset Value, End of Year����������������������������������� $68.94$58.14$60.89$62.48$29.82

Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������

20.84%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $1,182,263
Ratio of Expense to Average Net Assets��������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(c)�������������������������������������������������

(1.59)%$718,054(0.21)%$514,534

113.92%$278,023(18.43)%$61,127

0.59%

0.59%

0.59%

0.59%

0.59%

2.00%
50%

2.42%
41%

1.85%
51%

1.95%
37%

2.40%
30%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

137

Cambria Foreign Shareholder Yield ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

Net Asset Value, Beginning of Year������������������������ $25.19
Income/(Loss) from Investment Operations:
1.31
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
1.77
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������
3.08$26.18$27.65$17.86$23.56

1.54

1.28

0.75

0.90

(1.01)
0.53(1.32)(0.04)

9.86
10.61(5.60)(4.70)(1.48)(1.48)(1.52)(1.52)(1.43)(1.43)(0.82)(0.82)(1.00)(1.00)Net Asset Value, End of Year����������������������������������� $26.79$25.19$26.18$27.65$17.86

Distributions:
From Net Investment Income������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������

12.94%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $271,939
Ratio of Expense to Average Net Assets��������������
Ratio of Net Investment Income to Average
Net Assets(c)����������������������������������������������������
Portfolio Turnover(c)�������������������������������������������������

2.72%$187,654(0.31)%$66,755

60.72%$30,416(20.47)%$17,862

0.59%

0.59%

0.59%

0.59%

0.59%

5.25%
44%

6.56%
34%

4.68%
63%

3.29%
59%

4.04%
47%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

138

Cambria Emerging Shareholder Yield ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented
Year Ended
April 30, 2024

Net Asset Value, Beginning of Year������������������������ $
Income/(Loss) from Investment Operations:
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������

28.61

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$

$

$

$

30.22

39.13

24.97

31.38

1.39

1.77

1.81

1.27

1.30

5.83
7.22

(1.44)
0.33(8.01)(6.20)

14.04
15.31

(6.35)(5.05)

Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Return of Capital�������������������������������������������������
Total Distributions�����������������������������������������������

(1.75)——(1.75)(1.57)(0.37)—(1.94)(2.16)(0.55)—(2.71)(1.15)—(0.15)(1.15)(1.36)——(1.36)Net Asset Value, End of Year����������������������������������� $

34.08

Total Return�������������������������������������������������������������

26.51%(d)$Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $352,775
Ratio of Expenses to Average Net Assets������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(c)�������������������������������������������������

28.61
1.64%

$175,975

$

30.22
(16.81)%$93,680$

39.13
63.04%$62,614$

24.97(16.89)%$28,713

0.63%

0.66%

0.64%

0.65%

0.69%

4.60%
32%

6.49%
43%

5.14%
45%

4.00%
29%

4.38%
81%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.
(d) The total return for the period includes the impact of financial statement adjustments. This return differs from the actual performance ashareholder experienced over the period.

139

Cambria Global Tail Risk ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021(a)Year Ended
April 30, 2020

$21.78$23.67$23.57$24.83

0.46

0.71

0.94

1.18

(2.59)(c)(2.13)(2.60)(1.89)(0.69)(c)0.25(1.36)(0.18)(0.54)—(0.13)(0.67)

—
—
—
—

—
—
—
—

—
—
(0.15)(0.15)(0.96)(0.12)—(1.08)Net Asset Value, End of Year����������������������������������� $16.57$19.65$21.78$23.67$23.57

Net Asset Value, Beginning of Year������������������������ $19.65
Income/(Loss) from Investment Operations:
0.62
Net Investment Income(b)�������������������������������������
Net Realized and Unrealized Gain (Loss) on(3.03)
Investments(c)��������������������������������������������������
Total from Operations������������������������������������������
(2.41)
Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Return of Capital�������������������������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������

(12.41)%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $

2,486

Ratio of Expenses to Average Net Assets,
Excluding Waivers������������������������������������������
Ratio of Expenses to Average Net Assets,
Including Waivers�������������������������������������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(f)�������������������������������������������������

(9.78)%$

3,930(7.98)%
$

4,356

1.03%
$

7,102

(1.00)%$

22,388

0.62%(d)

0.59%

0.59%

0.59%

0.59%

0.54%(d)(e)

0.59%

0.59%

0.59%

0.59%

3.35%
3%

2.20%
62%

3.18%
1%

3.71%
53%

4.72%
36%

(a) Prior to March 15, 2021, the Cambria Global Tail Risk ETF was known as the Cambria Sovereign Bond ETF.
(b) Per share data calculated using the average shares method.
(c) Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for theperiod.
(d) Includes broker expenses of 0.03%.
(e) Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50
million, which amounts to 0.08%.
(f) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

140

Cambria Global Value ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

Net Asset Value, Beginning of Year������������������������ $20.75
Income/(Loss) from Investment Operations:
1.05
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
0.98
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������
2.03$20.48$22.96$16.37$23.37

1.03

0.96

0.53

0.62

0.24
1.27

(2.60)(1.64)

6.44
6.97(6.91)(6.29)(1.16)(1.16)(1.00)(1.00)(0.84)(0.84)(0.38)(0.38)(0.71)(0.71)Net Asset Value, End of Year����������������������������������� $21.62$20.75$20.48$22.96$16.37

Distributions:
From Net Investment Income������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������

10.33%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $104,848
Ratio of Expense to Average Net Assets��������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(c)�������������������������������������������������

6.97%$137,978(7.47)%$102,386

43.20%$122,851(27.71)%$96,587

0.64%

0.67%

0.66%

0.66%

0.65%

5.15%
36%

5.48%
94%

4.19%
3%

2.75%
14%

2.84%
25%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

141

Cambria Global Momentum ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Net Asset Value, Beginning of Year������������������������ $
Income/(Loss) from Investment Operations:
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������

28.02

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$

$

$

$

31.37

29.73

23.07

25.09

0.93

0.65

1.28

0.29

0.56

0.16
1.09

(3.42)(2.77)

1.68
2.96

6.69
6.98

2.02
(1.46)(0.89)(0.02)(0.91)(0.58)—(0.58)(1.25)(0.07)(1.32)(0.30)(0.02)(0.32)(0.54)(0.02)(0.56)Net Asset Value, End of Year����������������������������������� $28.20$28.02$31.37$29.73$23.07

Distributions:
From Net Investment Income������������������������������
Return of Capital�������������������������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������
Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $
Ratio of Expense to Average Net Assets(c)�����������
Ratio of Net Investment Income to Average
Net Assets(d)����������������������������������������������������
Portfolio Turnover(e)�������������������������������������������������

3.98%
136,760(8.81)%$

177,952

10.19%$81,56330.49%$62,434(6.02)%$

78,449

0.59%

0.59%

0.59%

0.59%

0.59%

3.38%
166%

2.25%
307%

4.19%
69%

1.13%
115%

2.25%
251%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Expense ratios do not include expenses of the underlying funds.
(d) Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies
in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
(e) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

142

Cambria Value and Momentum ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$26.22$23.21$16.64$20.83

0.54

0.25

0.14

0.18

(1.66)(1.12)

3.02
3.27

6.63
6.77

(4.17)(3.99)(0.26)(0.26)(0.47)(0.47)(0.26)(0.26)(0.20)(0.20)(0.20)(0.20)Net Asset Value, End of Year����������������������������������� $28.72$24.63$26.22$23.21$16.64

Net Asset Value, Beginning of Year������������������������ $24.63
Income/(Loss) from Investment Operations:
0.25
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
4.10
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������
4.35
Distributions:
From Net Investment Income������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������

17.75%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $61,749
Ratio of Expenses to Average Net Assets������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(f)�������������������������������������������������

(4.34)%$64,036

14.17%$31,469

41.05%$18,567(19.32)%$10,818

0.64%(c)0.61%(b)0.59%

0.61%(d)0.63%(e)

0.94%
63%

2.00%
71%

1.02%
78%

0.70%
97%

0.92%
76%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Includes broker expense of 0.05%.
(d) Includes broker expense of 0.02%.
(e) Includes broker expense of 0.04%.
(f) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

143

Cambria Global Asset Allocation ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

Net Asset Value, Beginning of Year������������������������ $26.99
Income/(Loss) from Investment Operations:
1.05
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
1.24
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������
2.29$28.71$31.55$24.36$26.82

1.11

1.99

0.58

0.86

(1.61)(0.5)(2.85)(0.86)

7.33
7.91(2.36)(1.50)(1.05)—(1.05)(1.07)(0.15)(1.22)(1.98)—(1.98)(0.72)—(0.72)(0.85)(0.11)(0.96)Net Asset Value, End of Year����������������������������������� $28.23$26.99$28.71$31.55$24.36

Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������
Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $
Ratio of Expense to Average Net Assets(c)�����������
Ratio of Net Investment Income to Average
Net Assets(d)����������������������������������������������������
Portfolio Turnover(e)�������������������������������������������������

8.63%
53,631(1.58)%$51,272(3.01)%$45,93333.00%$

52,061(5.87)%$49,930

0.00%

0.00%

0.00%

0.00%

0.00%

3.84%
13%

4.08%
0%

6.36%
8%

2.07%
20%

3.24%
9%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Expense ratios do not include expenses of the underlying funds.
(d) Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies
in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
(e) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

144

Cambria Tail Risk ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Year Ended
April 30, 2024

Net Asset Value, Beginning of Year������������������������ $
Income/(Loss) from Investment Operations:
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments(b)��������������������������������������������������
Total from Operations������������������������������������������

14.62

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$

$

$

$

16.92

18.74

22.65

19.87

0.42

0.29

0.13

0.04

0.27

(2.77)(2.35)(2.27)(1.98)(1.84)(1.71)(3.92)(3.88)

2.77
3.04

Distributions:
From Net Investment Income������������������������������
Total Distributions�����������������������������������������������

(0.46)(0.46)(0.32)(0.32)(0.11)(0.11)(0.03)(0.03)(0.26)(0.26)Net Asset Value, End of Year����������������������������������� $

11.81

Total Return�������������������������������������������������������������

(16.28)%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $

82,098

Ratio of Expenses to Average Net Assets������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(b)������������������������������������������������

$

14.62

$

(11.86)%$

224,372

16.92

$

(9.14)%$

404,422

18.74

$

(17.13)%$

281,995

22.65
15.47%$132,488

0.59%

0.59%

0.59%

0.59%

0.59%

3.21%
13%

1.80%
129%

0.69%
60%

0.18%
155%

1.31%
19%

(a) Per share data calculated using the average shares method.
(b) Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value
per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for theperiod.
(c) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

145

Cambria Trinity ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Year Ended
April 30, 2024

Net Asset Value, Beginning of Year������������������������ $
Income/(Loss) from Investment Operations:
Net Investment Income(a)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments�����������������������������������������������������
Total from Operations������������������������������������������

24.81

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$

$

$

$

26.82

27.36

21.32

24.22

0.93

0.89

1.59

0.42

0.65

0.70
1.63

(1.96)(1.07)(0.51)
1.08

6.07
6.49

(2.91)(2.26)(0.91)(0.03)(0.94)(0.64)(0.30)(0.94)(1.60)(0.02)(1.62)(0.45)—(0.45)(0.62)(0.02)(0.64)Net Asset Value, End of Year����������������������������������� $25.50$24.81$26.82$27.36$21.32

Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������
Ratios and Supplemental Data
Net Assets, End of Year (in 000s)������������������������ $
Ratio of Expenses to Average Net Assets ���������
Ratio of Net Investment Income to Average
Net Assets(c)����������������������������������������������������
Portfolio Turnover(d)������������������������������������������������
(b)

6.72%
107,111(3.99)%$

119,100

3.98%$

50,95830.81%$

43,778(9.57)%$

37,309

0.00%

0.00%

0.00%

0.00%

0.00%

3.73%
69%

3.54%
102%

5.78%
26%

1.77%
50%

2.74%
88%

(a) Per share data calculated using the average shares method.
(b) Expense ratios do not include expenses of the underlying funds.
(c) Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies
in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
(d) Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

146

Cambria Cannabis ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Period Ended
April 30, 2020(a)$9.89$18.86$11.30$25.00

0.24

0.25

0.47

0.70

(3.69)(3.45)(8.87)(8.62)

7.63
8.10(13.87)(13.17)(0.23)—(0.23)(0.22)—(0.22)(0.35)—(0.35)(0.54)—(0.54)(0.52)(0.01)(0.53)Net Asset Value, End of Year or Period������������������ $6.76$6.22$9.89$18.86$11.30

Net Asset Value, Beginning of Year or Period������� $6.22
Income/(Loss) from Investment Operations:
0.23
Net Investment Income(b)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments�����������������������������������������������������
0.54
Total from Operations������������������������������������������
0.77
Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Total Distributions�����������������������������������������������

Total Return�������������������������������������������������������������

12.97%

Ratios and Supplemental Data
Net Assets, End of Year or Period (in 000s)��������� $11,161
Ratio of Expenses to Average Net Assets,
Excluding Waivers������������������������������������������
Ratio of Expenses to Average Net Assets,
Including Waivers�������������������������������������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(e)�������������������������������������������������
(a)
(b)
(c)
(d)
(e)
(f)

(35.04)%$11,189(46.49)%$19,780

73.84%$38,671(53.04)%(c)$9,038

0.59%

0.59%

0.59%

0.59%

0.59%(d)0.35%(f)

0.42%

0.42%

0.42%

0.42%(d)

3.96%
13%

3.17%
23%

1.80%
46%

2.94%
8%

6.20%(d)4%(c)

Inception date July 24, 2019.
Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.24%.

147

Cambria Global Real Estate ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Period Ended
April 30, 2021(a)Net Asset Value, Beginning of Year or Period������� $24.45
Income/(Loss) from Investment Operations:
1.00
Net Investment Income(b)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments�����������������������������������������������������
(0.36)
Total from Operations������������������������������������������
0.64$29.76$31.66$25.00

1.12

0.56

0.56

(5.44)(4.32)

0.99(c)
1.55

6.51
7.07

Distributions:
From Net Investment Income������������������������������
From Net Realized Gains������������������������������������
Return of Capital�������������������������������������������������
Total Distributions�����������������������������������������������

(1.50)——(1.50)(0.99)——(0.99)(2.76)(0.49)(0.20)(3.45)(0.41)——(0.41)Net Asset Value, End of Year or Period����������������

$23.59$24.45$29.76$31.66

Total Return�������������������������������������������������������������

2.68%

Ratios and Supplemental Data
Net Assets, End of Year or Period (in 000s)��������� $22,411
Ratio of Expenses to Average Net Assets,
Excluding Waivers������������������������������������������
Ratio of Expenses to Average Net Assets,
Including Waivers�������������������������������������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(f)�������������������������������������������������

(14.47)%$25,671

4.70%$23,809

28.40%(d)$14,245

0.59%

0.59%

0.59%

0.59%(e)0.49%(g)

0.59%

0.59%

0.59%(e)

4.15%
77%

4.29%
94%

3.00%
120%

3.19%(e)51%(d)(a) Inception date September 23, 2020.
(b) Per share data calculated using the average shares method.
(c) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value forthe period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d) Not annualized.
(e) Annualized.
(f) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.
(g) Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.10%.

148

Cambria Micro and SmallCap
Shareholder Yield ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Period Ended
April 30, 2024(a)Net Asset Value, Beginning of Period��������������������� $25.00
Income/(Loss) from Investment Operations:
0.25
Net Investment Income(b)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments�����������������������������������������������������
0.33
Total from Operations������������������������������������������
0.58
Distributions:
From Net Investment Income������������������������������
Total Distributions�����������������������������������������������

(0.17)(0.17)Net Asset Value, End of Period������������������������������� $25.41
Total Return�������������������������������������������������������������

2.31%(c)Ratios and Supplemental Data
Net Assets, End of Period (in 000s)��������������������� $26,685
Ratio of Expenses to Average Net Assets,
Excluding Waivers������������������������������������������
Ratio of Expenses to Average Net Assets,
Including Waivers(f)����������������������������������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(e)�������������������������������������������������
(a)
(b)
(c)
(d)
(e)
(f)

0.59%(d)0.20%(d)2.99%(d)8%(c)

Inception Date January 4, 2024.
Per share data calculated using the average shares method.
Not Annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.39%.

149

Cambria Tactical Yield ETF

Financial Highlights
For a Share Outstanding Throughout the Periods Presented
Period Ended
April 30, 2024(a)Net Asset Value, Beginning of Period��������������������� $25.00
Income/(Loss) from Investment Operations:
0.41
Net Investment Income(b)�������������������������������������
Net Realized and Unrealized Gain (Loss) on
Investments�����������������������������������������������������
(0.05)
Total from Operations������������������������������������������
0.36
Distributions:
From Net Investment Income������������������������������
Total Distributions�����������������������������������������������

(0.14)(0.14)Net Asset Value, End of Period������������������������������� $25.22
Total Return�������������������������������������������������������������

1.45%(c)Ratios and Supplemental Data
Net Assets, End of Period (in 000s)��������������������� $13,870
Ratio of Expenses to Average Net Assets,
Excluding Waivers������������������������������������������
Ratio of Expenses to Average Net Assets,
Including Waivers(f)����������������������������������������
Ratio of Net Investment Income to Average
Net Assets�������������������������������������������������������
Portfolio Turnover(e)�������������������������������������������������
(a)
(b)
(c)
(d)
(e)
(f)

0.59%(d)0.18%(d)5.03%(d)0%(c)

Inception Date January 4, 2024.
Per share data calculated using the average shares method.
Not Annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.41%.

150

If you would like more information about the Funds and the Trust, the following documents are available free, upon request:

Annual/Semi-Annual Reports to Shareholders

Additional information about the Funds’ investments is or will be available in the Funds’ annual and semi-annual reports toshareholders and in Form N-CSR. The annual report explains the market conditions and investment strategies that significantly
affected each Fund’s performance during its last fiscal year. In Form N-CSR, you will find the Funds’ annual and semi-annual
financial statements.

Statement of Additional Information

An SAI dated September 1, 2024, which contains more details about the Funds, is incorporated by reference in its entirety into
this Prospectus, which means that it is legally part of this Prospectus.
To receive a free copy of the Funds’ latest annual or semi-annual report, financial statements, or SAI, or to request additional
information about the Funds, please contact us as follows:
Call:
Write:

855-ETF-INFO (383-4636) (toll free)
3300 Highland Avenue
Manhattan Beach, CA 90266﻿

Visit:

www.cambriafunds.com

Information Provided by the Securities and Exchange Commission

Additional information about the Funds filed with the SEC, including their shareholder reports and the SAI, is available (orwill be available) on the EDGAR database on the SEC’s internet site (http://www.sec.gov). You can also request copies of thesematerials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov).
Investment Company Act File No. 811-22704.

151